On the 08/01/2016 Sterling Pound US Dollar close was at 1.4517 (-0.72%). An outside bar pattern drawn on daily chart. We suggest to monitore today closing.
On the 08/01/2016 Sterling Pound US Dollar close was at 1.4517 (-0.72%). Marked a series of 6 consecutive higher lows. For intraday trading session the technical view is negative and leaves assume the down-trend continuation. However, we can’t exclude rebounds towards the most significant resistance levels. The major oscillators confirm the downward trend. Marked an eighth consecutive negative trading session. An outside bar pattern drawn on daily chart. We suggest to monitore today closing.
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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 1.4776). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 08/01/2016.
Performance: 7 trading days= -2.03% – 15 trading days= -2.76% – 30 trading days= -3.87%
Resistance levels: R1= 1.4606 – R2= 1.4695 – R3= 1.4834
Pivot Point: 1.4556
Support levels: S1= 1.4467 – S2= 1.4417 – S3= 1.4278
DAILY TRADING SIGNALS
Buying opportunity above 1.4575 targets minor resistance at 1.4651 and perhaps as far as strong resistance at 1.4712, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 1.4803.
Selling opportunity below 1.4491 targets minor support at 1.4418 and perhaps as far as strong support at 1.4360, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 1.4272.