#GBPUSD @ 1.21689 recovers some lost ground near 1.2170 on the softer USD.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- GBP/USD recovers some lost ground near 1.2170 on the softer USD.
The pair currently trades last at 1.21689.
The previous day high was 1.2289 while the previous day low was 1.2154. The daily 38.2% Fib levels comes at 1.2205, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2237, expected to provide resistance.
The GBP/USD pair stalls its decline and holds below the 1.2200 mark during the Asian session on Wednesday. A decline of the US Dollar (USD) and a retreat in US Treasury bond yields lend some support to the pair. However, the renewed safe-haven flows amid the geopolitical conflicts in the Middle East and the higher-for-longer rate narrative in the US might cap the USD’s downside for the time being. The pair is adding 0.08% on the day to trade at 1.2170 at press time.
Technically, GBP/USD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) on the four-hour chart, which means further downside looks favorable. Additionally, the Relative Strength Index (RSI) holds below 50 in bearish territory, which supports the sellers for the time being.
That being said, the key resistance level is located at 1.2200, portraying the confluence of the 50-hour EMA and a psychological round figure. Any decisive follow-through buying above the latter will pave the way to a high of October 16 at 1.2218. Further north, the upper boundary of the Bollinger Band at 1.2271 will be the next stop. The additional upside filter to watch is near a high of October 10 at 1.2295.
On the downside, a low of October 23 at 1.2143 acts as an initial support level. The next downside stop is seen at a low of October 13 at 1.2122. The critical contention level will emerge at the 1.2095–1.2100 region. The mentioned level is a round mark, the lower limit of the Bollinger Band, and a low of October 20. A breach of the level will see a drop to 1.2052 (low of October 3).
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2173 at the time of writing. Pair opened at 1.216 and is trading with a change of 0.11 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2173 |
| 1 | Today Daily Change | 0.0013 |
| 2 | Today Daily Change % | 0.1100 |
| 3 | Today daily open | 1.2160 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.2184, 50 SMA 1.2389, 100 SMA @ 1.2582 and 200 SMA @ 1.2443.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2184 |
| 1 | Daily SMA50 | 1.2389 |
| 2 | Daily SMA100 | 1.2582 |
| 3 | Daily SMA200 | 1.2443 |
The previous day high was 1.2289 while the previous day low was 1.2154. The daily 38.2% Fib levels comes at 1.2205, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2237, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.2113, 1.2065, 1.1977
- Pivot resistance is noted at 1.2248, 1.2336, 1.2384
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2289 |
| Previous Daily Low | 1.2154 |
| Previous Weekly High | 1.2220 |
| Previous Weekly Low | 1.2090 |
| Previous Monthly High | 1.2713 |
| Previous Monthly Low | 1.2111 |
| Daily Fibonacci 38.2% | 1.2205 |
| Daily Fibonacci 61.8% | 1.2237 |
| Daily Pivot Point S1 | 1.2113 |
| Daily Pivot Point S2 | 1.2065 |
| Daily Pivot Point S3 | 1.1977 |
| Daily Pivot Point R1 | 1.2248 |
| Daily Pivot Point R2 | 1.2336 |
| Daily Pivot Point R3 | 1.2384 |
[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.
- EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
- EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group
