Paying attention to the 4-hour chart, you will notice that:
- from early morning, bullish sentiments dominate in the GBPUSD currency pair,
- at the same time, the bulls do not have enough strength to break the mirror level 1.41185.
Now let’s look at the indicators:
- The currency rate is sandwiched between moving averages with periods of 55 and 34 (resistance levels 1.41455 and 1.41485) on the one hand and averages with periods of 89 and 144 (support levels 1.4110 and 1.40275) on the other.
- The MACD histogram crossed the zero line from top to bottom yesterday, is now in the negative area and below its signal line, continues to decline smoothly and thus gives a signal to sell the British pound (GBP).
- Stochastic Oscillator is in the oversold zone and is giving an opposite signal as the% K line rises above the% D line.
Due to the contradiction in the signals provided by the indicators, as well as the slowdown in the growth of quotations, as a confirmation that bullish sentiments may increase in the forex market in this currency pair, it is necessary to wait for the breakdown of the mirror level 1.41185, which can open the way to the levels of 1.4185 and 1.4210.
Otherwise, the bears may seize the initiative, and their targets will be the levels 1.40655 and 1.4029.
Resistance levels: 1.41185, 1.41375, 1.41455 / 485, 1.4168, 1.4185, 1.4210, 1.4233
Current price: 1.4115
Support levels: 1.4110, 1.4105, 1.4089, 1.4077, 1.40655, 1.4049, 1.4029 / 275
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