Sterling Pound US Dollar crosses below the 14-day moving average. The forecast is for further prices dropping towards the first support levels.
Sterling Pound US Dollar yesterday close was at 1.4483 (-1.03%). Marked a series of 3 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. An outside bar pattern drawn on daily chart.
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Simple Moving Average (SMA)
Strong bearish signal: the price crosses below the 14-day moving average (SMA value is 1.4543). Today trading session forecast is for further prices dropping towards the most significant support levels.
Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 31/05/2016.
Performance: 7 trading days= +0.03% – 15 trading days= +0.33% – 30 trading days= +1.03%
Resistance levels: R1= 1.4650 – R2= 1.4818 – R3= 1.5078
Pivot Point: 1.4558
Support levels: S1= 1.4390 – S2= 1.4298 – S3= 1.4038
Buying opportunity above 1.4541 targets minor resistance at 1.4616 and perhaps as far as strong resistance at 1.4677, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 1.4768.
Selling opportunity below 1.4457 targets minor support at 1.4385 and perhaps as far as strong support at 1.4327, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 1.4238.