GBP/USD Resistance Adding Selling Pressure
AvaTrade | Jul 07, 2014 06:07AM ET
The GBP/USD fell short of a few pips from its resistance level before it changed its direction on a 60 minute time frame. The price trend is moving in a rectangular pattern which means we do not have any clear trend in a short term, however it is still trading above the upward trend line. This confirms that the bulls are still in control of the price and the bias remains towards the upside as along s the price is trading above this line.
The RSI indicator has left the overbought zone and there is a clear divergence between the price and the RSI and this confirms that the bias could be to the downside. The MACD is also confirming that the upward momentum is vanishing, but it is still positive.
Resistance Zone
1.72191-1.7183 Major
1.7118-1.7094 Minor (not valid)
Support Zone
1.7018-1.6997 Minor
1.6757-1.6734 Major
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam
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