Sterling Pound US Dollar short term view is bullish. The price is above the 14 days moving average and the major oscillators confirm the upward trend.
On the 03/02/2016 Sterling Pound US Dollar close was at 1.4585 (+1.24%). Marked a series of 5 consecutive higher highs. Technical Chart indicators and studies suggest broad uptrend, so today trading session forecast is for further price extensions towards the most significant resistance levels. The major oscillators confirm the upward trend.
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Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 1.4302). The short term view is therefore bullish, however for today trading session we can’t exclude retracements 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: 03/02/2016.
Performance: 7 trading days= +1.69% – 15 trading days= +1.12% – 30 trading days= -1.59%
Resistance levels: R1= 1.4695 – R2= 1.4804 – R3= 1.5069
Pivot Point: 1.4539
Support levels: S1= 1.4430 – S2= 1.4274 – S3= 1.4009
DAILY TRADING SIGNALS
Buying opportunity above 1.4608 targets minor resistance at 1.4683 and perhaps as far as strong resistance at 1.4735, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 1.4829.
Selling opportunity below 1.4522 targets minor support at 1.4446 and perhaps as far as strong support at 1.4392, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 1.4302.