Ready to Start Trading?

Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.

Apply online

Any Questions?
Contact us:

phone: +1 849 9370815

email: sales@tradersway.com

Join Us in Just 1 Minute!

MT4
MT5 Terminal

GBPUSD Downtrend Resistance (Nov 10, 2014)

GBPUSD has been steadily moving lower, as a descending trend line can be drawn to connect the recent highs of price action. 

At the same time, stochastic is indicating overbought conditions, suggesting that sellers could take control of price action after the pullback is completed.

The pair could find resistance around the 1.5900 major psychological level, which lines up with the trend line and the 100 simple moving average. Take note that the 100 SMA is moving below the 200 SMA, confirming that the downtrend is intact. 

MACD is still heading higher though, which means that there may be a bit of buying momentum left before the selloff resumes. Stops could be placed past the 200 SMA, which might serve as the line in the sand for any corrections. An upside break past that area could be the start of a reversal.

141110_gbpusd

 

There are no event risks for this setup today, although traders might be pricing in expectations for top-tier releases later on this week. Risk appetite seems weak with geopolitical tensions flaring once more, putting the odds in favor of another leg lower. 

By Kate Curtis from Trader's Way

Any Questions?
Email Us: sales@tradersway.com

bob@tradersway.pro/id
Quotations
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

Learn more

Gabung dengan Kami Hanya 1 Menit!

MT4MT5 TerminalMetaTrader for Mac
TradersWay's Facebook TradersWay's Telegram Channel TradersWay's Twitter TradersWay's Instagram
bob@tradersway.pro/id