GBP/USD: technical analysis


Scenario
Timeframe Intraday
Recommendation SELL STOP
Entry Point 1.2415
Take Profit 1.2314, 1.2255
Stop Loss 1.2456
Key Levels 1.2255, 1.2314, 1.2415, 1.2542, 1.2654, 1.2766
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2552
Take Profit 1.2654
Stop Loss 1.2510
Key Levels 1.2255, 1.2314, 1.2415, 1.2542, 1.2654, 1.2766
GBP/USD, D1
On the daily chart, the pair is growing along the upper line of Bollinger Bands. The price remains below the EMA130, SMA200 that are directed down. The GBP/USD: technical analysis RSI is trying to turn down in the Bearish zone below the 60 mark. The Composite, however, is growing.

GBP/USD, H4
On the 4-hour chart, the pair is trading in the upper Bollinger band. The price remains above its moving averages that are turning up. The RSI is testing its longer MA. The Composite is falling having failed its longer MA. Both indicators are forming a Bearish pattern.

Key levels
Support levels: 1.2415 (local lows), 1.2314 (November 2016 lows), 1.2255 (local lows).
Resistance levels: 1.2542 (local highs), 1.2654 (November 2016 highs), 1.2766 (December 2016 highs).
Trading tips
There is a chance of a short-term downward correction in the price. However, further growth potential remains.
Short positions can be opened from the level of 1.2415 with targets at 1.2314, 1.2255 and stop-loss at 1.2456. Validity – 2-3 days.
Long positions can be opened from the level of 1.2552 with the target at 1.2654 and stop-loss at 1.2510. Validity – 2-3 days.

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