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EUR/USD: TECHNICAL ANALYSIS 03.12.2019

Current trend

EUR/USD is in the stage of a downward correction after growing to the resistance level of 1.10904, but the potential of the upward trend is still maintained. If the sellers manage to decline the rate below the support level of 1.10626, the correction can continue to the area of 1.10474. This level seems a key level for the sellers and can activate an upward rebound. Meanwhile, the breakdown of this mark will be a signal for downward trend resumption and let the price fall to 1.10321-1.10240.

Alternative scenario

Pullback above the 1.10779 support will lead the price back to 1.10904 high. The decisive break of this level is needed to indicate up trend resumption. In this case, the next targets of buyers will be the area of levels of 1.11084-1.11237.

Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term.
Bollinger Bands are diverging on the background of bullish momentum.
MACD stabilized in the positive zone.
Stochastic is in the overbought zone and is pointed downwards, reflecting the possibility of the downward movement formation.

EURUSDH40312.png

Support and resistance

Support levels: 1.10626, 1.10474, 1.10321.
Resistance levels: 1.10779, 1.10904, 1.11084, 1.11237.

Trading recommendations

Short positions can be opened below the level of 1.10626 with the target at around1.10474-1.10321 and stop-loss at 1.10775.
Long positions can be opened above the level of 1.10904 with the target at around 1.11084-1.11237 and stop-loss at 1.10793.

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AUD/USD: TECHNICAL ANALYSIS 04.12.2019
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Current trend
The AUD/USD pair begins today’s trading with bearish bias due to correction. If the current trend maintains, the pair will decline to 0.68054 support. This level seems a key target of the downward correction. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 0.67902-0.67749.
Alternative scenario
The pullback above 0.68359 could lead the price back to 0.68512-0.68614 resistance. One may speak about upward movement continuation after the price consolidates above the resistance level of 0.68665. In this case, the next targets of buyers will be the level of 0.68860.
Technical indicators mostly reflect the moderate maintenance of the current downward trend.
MACD histogram has moved to a decline in the positive zone, forming a weak sell signal.
Stochastic is pointed downwards, reflecting the high possibility of the downward movement formation.
Bollinger Bands are pointed upwards.
Support and resistance
Support levels: 0.68207, 0.68054, 0.67902.
Resistance levels: 0.68359, 0.68512, 0.68665.
Trading recommendations
Short positions can be opened below the level of 0.68207 with the target at around 0.68054-0.67902 and stop-loss at 0.68307.
Long positions can be opened above the level of 0.68359 with the target at around 0.68512-0.68614 and stop-loss at 0.68274.

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USD/JPY: TECHNICAL ANALYSIS 04.12.2019
USDJPYH40412.png

Current trend

On the 4-hour chart, the instrument is slightly correcting up from the 108.481 support, but the downward trend is still maintained. If the "bulls" manage to raise the rate above the level of 108.675, the correction can continue to the area of 108.789. This level is an important line of resistance to watch in the short term period. The breakout of it will be a signal for price reversal and let the price resume upward movement towards 109.000.

Alternative scenario

With its failure to cross 108.675 resistance, USD/JPY will drop back towards 108.481 support. The downward trend will be restored after the price is set below the level of 108.398.
In this case, the next targets of sellers will be the level of 108.203.

Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term.
Bollinger Bands diverge indicating the preservation of the decreasing tendency.
The volumes of MACD histogram are growing in the negative zone.
Stochastic is in the oversold zone pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 108.398, 108.203, 108.008.
Resistance levels: 108.675, 108.789, 108.984.

Trading recommendations

Short positions can be opened below the level of 108.398 with the target at around 108.203 and stop-loss at 108.468.
Long positions can be opened above the level of 108.675 with the target at around 108.789-108.984 and stop-loss at 108.572.

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GBP/USD: TECHNICAL ANALYSIS 04.12.2019
GBPUSDH40412.png

Current trend

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GBP/USD is in the stage of a downward correction after growing to the 1.30107 high, but the general upward trend is still maintained. If the sellers manage to decline the rate below the level of 1.29875 support, the correction can continue to the area of 1.29700. There is a high chance of an upward rebound, while its breakdown would allow the fall to continue to 1.29395 mark, which is the key target of the downward correction.

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Alternative scenario

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The pullback above 1.30000 resistance and pair’s sustained trading above will fuel the upward trajectory and let the price grow to the next high surrounding 1.30310.

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Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term.
Bollinger Bands are pointed upwards.
The volumes of MACD histograms are growing in a positive zone.
Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

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Support and resistance

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Support levels: 1.29875, 1.29700, 1.29395.
Resistance levels: 1.30005, 1.30310, 1.30615.

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Trading recommendations

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Short positions can be opened below the level of 1.29875 with the target at around 1.29700-1.29600 and stop-loss at 1.29966.
Long positions can be opened above the level of 1.30085 with the target at around 1.30310 and stop-loss at 1.30010.

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EUR/JPY: TECHNICAL ANALYSIS 05.12.2019

Current trend

EUR/JPY quotes attempted to grow, but reaching 120.703 mark moved to a decline. If the sellers manage to decline the rate below the level of 120.600 (middle line of Bollinger bands) the correction can continue to the area of 120.508. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 120.313 level.

Alternative scenario

One may speak about upward movement continuation after the price consolidates above the resistance level of 120.703. In this case, the next targets of buyers will be the level of 120.804-121.008.

The technical picture is mixed.
Bollinger Bands are pointed sideways.
The volumes of MACD histogram are slowly growing in the positive zone.
Stochastic is pointed downwards, reflecting the high possibility of the downward movement formation.

EURJPYH40512.png

Support and resistance

Support levels: 120.508, 120.313, 120.117.
Resistance levels: 120.703, 120.898, 121.008.

Trading recommendations

Short positions can be opened below the level of 120.508 with the target at around 120.313 and stop-loss at 120.573.
Long positions can be opened above the level of 120.703 with the target at around 120.898 and stop-loss at 120.638.

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XAU/USD: TECHNICAL ANALYSIS 05.12.2019
Current trend

The XAU/USD pair begins today’s trading with slight bullish bias due to correction. The resistance 1476.56 can prevent the instrument from the growing as the possibility of the downward rebound is high there. Meanwhile, the breakout and pair' sustained trading above 1476.56 will be a signal for upward trend resumption and give a prospect of growth to the area of 1480.47-1481.78 resistance.

Alternative scenario

Failure to conquer the 1476.56 mark seems fetching the NZD/USD to 1472.66 support but its further downside might be confined by the 1471.33 level. The downward trend will be restored after the price is set below the level of 1471.00. In this case, the next targets of sellers will be the level of 1468.75.

Now the technical indicators reflect the moderate developing of the current upward trend.
Bollinger Bands are pointed upwards.
MACD stabilized in the positive zone.
Stochastic is pointed upwards.

XAUUSDH40512.png

Support and resistance

Support levels: 1472.66, 1468.75, 1464.84.
Resistance levels: 1476.56, 1480.47, 1484.38.

Trading recommendations

Long positions can be opened above the level of 1476.56 with the target at around 1480.47 and stop-loss at 1475.20.
Short positions can be opened below the level of 1471.33 with the target at around 1468.75 and stop-loss at 1472.13.

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NZD/USD: TECHNICAL ANALYSIS 05.12.2019
Current trend

NZS/USD is in the stage of a downward correction after growing to the level of 0.65613. If the sellers manage to decline the rate below the level of 0.65308, the correction can continue to the area of 0.65155, 0.65002. The area of 0.65002 level seems a key correction target and can activate an upward rebound. However, the breakdown and pair’s sustained trading below 0.65000 will be a signal for downward trend resumption and let the price fall to 0.64850-0.64697 area.

Alternative scenario

The upward rebound from 0.65308 support could lead the price back to 0.65613 resistance.
The decisive break of 0.65613 is needed to indicate uptrend resumption. In this case, the next targets of buyers will be the level of 0.65863

Technical indicators mostly reflect the maintenance of the downward movement potential.
Bollinger Bands are converging on the background of bearish momentum.
Stochastic is pointed downwards, reflecting the high possibility of the downward movement formation.
MACD is in the positive zone, keeping a buy signal.

NZDUSDH40512.png

Support and resistance

Support levels: 0.65308, 0.65155, 0.65002.
Resistance levels: 0.65460, 0.65613, 0.65683.

Trading recommendations

Short positions can be opened below the level of 0.65308 with the target at around 0.65002 and stop-loss at 0.65405.
Long positions can be opened above the level of 0.65460 with the target at around 0.65613-0.65700 and stop-loss at 0.65380.

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USD/CHF: TECHNICAL ANALYSIS 06.12.2019
USDCHFH40612.png

Current trend

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USD/CHF is consolidating around the 0.98700 support after a significant decline over the last three days.
The instrument has the potential to further decline, but the upward correction is not excluded. If the sellers manage to decline the rate below the level of 0.98661, the downward movement can continue to the area of 0.98572-0.98543. The level of 0.98543 can activate an upward rebound, while its breakdown would allow the fall to continue to the area of 0.98267.

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Alternative scenario

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The pullback above the middle line of Bollinger Bands (0.98820-0.98877) will be a signal for upward trend resumption and give a prospect of growth to the level of 0.98988-0.99182.
Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term.
Bollinger Bands are pointed downwards.
Stochastic is in the oversold zone and is pointed upwards, reflecting the high possibility of upward movement formation.
MACD stabilized in the negative zone.

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Support and resistance

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Support levels: 0.98572, 0.98267, 0.97961.
Resistance levels: 0.98877, 0.99182, 0.99487.

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Trading recommendations

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Short positions can be opened below the level of 0.98572 with the target at around 0.98267 and stop-loss at 0.98673.
Long positions can be opened above the level of 0.98877 with the target at around 0.99182 and stop-loss at 0.98775.

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USD/CAD: TECHNICAL ANALYSIS 06.12.2019
USDCADH40612.png

Current trend

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USD/CAD price is restoring after the fall to the level of 1.31603. At the moment the price has met the resistance at the level of 1.31836. The breakout of this level will give a prospect of growth to the level of 1.31989. The area of 1.31989-1.32018 seems a strong resistance area which can activate a downward rebound. Meanwhile, the decisive break of 1.32018 is needed to indicate uptrend resumption. In this case, the next targets of buyers will be the level of 1.32141-1.32294.

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Alternative scenario

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The pullback below 1.31683 could lead the price to 1.31531 support. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 1.31347.
Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term. Bollinger Bands are pointed downwards. MACD histogram is in the negative zone keeping a signal for the opening of sell positions.
Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

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Support and resistance

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Support levels: 1.31683, 1.31531, 1.31347.
Resistance levels: 1.31836, 1.31989, 1.32141.

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Trading recommendations

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Short positions can be opened below the level of 1.31683 with the target at around .1.31347 and stop-loss at 1.31795.
Long positions can be opened above the level of 1.31836 with the target at around 1.32141 and stop-loss at 1.31734.

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EUR/USD: TECHNICAL ANALYSIS 06.12.2019
EURUSDH40612.png

Current trend

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On the 4-hour chart, the instrument keeps a positive dynamic and testing the 1.11084 resistance. Assuming the pair’s ability to cross this level, the mark of 1.11237 can be targeted if holding long positions. Should prices continue growing above 1.11237, the level of 0.1.11389 might try activating a downward rebound.

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Alternative scenario

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Failure to conquer the 1.11084 mark seems fetching the EUR/USD to 1.10931 support.
The downward trend will be restored after the price is set below the level of 1.10870, which is the middle line of Bollinger Bands. In this case, the next targets of sellers will be the level of 1.10779-1.10626.

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Technical indicators reflect the maintenance of the upward potential.
Bollinger Bands are diverging on the background of bullish momentum.
MACD stabilized in the positive zone.
Stochastic is in the overbought zone and is pointed upwards.

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Support and resistance

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Support levels: 1.10931, 1.10779, 1.10626.
Resistance levels: 1.11084, 1.11237, 1.11389.

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Trading recommendations

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Short positions can be opened below the level of 1.10931 with the target at around 1.10779-1.10626 and stop-loss at 1.11030.
Long positions can be opened above the level of 1.11084 with the target at around 1.11237-1.11389 and stop-loss at 1.10982.

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AUD/USD: TECHNICAL ANALYSIS 09.12.2019
AUDUSDH40912.png

Current trend

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On a 4-hour chart, AUD/USD is trading below its middle line of Bollinger bands suggesting bearish momentum.
If the sellers manage to decline the rate below the level of 0.68286, the decline can continue to the support area of 0.68207. This level seems a key mark for the sellers. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 0.68054.

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Alternative scenario

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The pullback and pair’s sustained trading above the level 0.68359 will give a prospect of growth to the 0.68457-0.68566 resistance area. The area of 0.68566-0.68614 can prevent the instrument from growing, as the possibility of the reverse of the price is high there.

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Technical indicators reflect the maintenance of the downward potential.
Bollinger Bands and Stochastic are pointed downwards.
MACD histogram has moved to a decline, forming a weak sell signal.

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Support and resistance

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Support levels: 0.68207, 0.68054, 0.67902.
Resistance levels: 0.68359, 0.68512, 0.68665.

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Trading recommendations

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Short positions can be opened below the level of 0.68286 with the target at around 0.68054 and stop-loss at 0.68363.
Long positions can be opened above the level of 0.68359 with the target at around 0.68614 and stop-loss at 0.68274.

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USD/JPY: TECHNICAL ANALYSIS 09.12.2019
USDJPYH40912.png

Current trend

Β 

On the 4-hour chart, the instrument keeps a negative dynamic. At the moment the price has met the support at the area of 108.519-108.461. Should prices continue slipping under 108.461 mark, the level of 108.398 might try activating an upward rebound. However, the breakdown of this level will be a signal for downward trend resumption and give a prospect of decline to 108.203 support.

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Alternative scenario

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The pullback above the 108.656 level will be a signal for upward correction and let the price grow to 108.711 (the middle line of Bollinger Bands) resistance. One may speak about upward movement continuation after the price consolidates above the resistance level of 108.789. In this case, the next targets of buyers will be the level of 108.984.

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Technical indicators maintain a sell signal.
Bollinger Bands are diverging on the background of bearish momentum.
The volumes of MACD histogram are growing in the negative zone.
Stochastic’s lines are pointed downwards and are reaching the oversold area.

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Support and resistance

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Support levels: 108.519, 108.398, 108.203.
Resistance levels: 108.656, 108.789, 108.984.

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Trading recommendations

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Short positions can be opened below the level of 108.519 with the target at around 108.398-108.203 and stop-loss at 108.619.
Long positions can be opened above the level of 108.711 with the target at around 108.984 and stop-loss at 108.620.

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GBP/USD: TECHNICAL ANALYSIS 09.12.2019
GBPUSDH40912.png

Current trend

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The GBP/USD pair begins today’s trading with a slight bullish bias. At the moment the pair has met the resistance at the 1.31499 level. To continue the bullish momentum GBP/USD should consolidate above this level. In this case, the buyers will aim for the 1.31663-1.31836 area. The area of 1.31836 seems a strong resistance zone, which can activate a price reverse. Meanwhile, the decisive break of this level will indicate the uptrend resumption and give a prospect of growth to a 9-month high surrounding 1.33057 level.

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Alternative scenario

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Failure to conquer the 1.31500 mark seems fetching the GBP/USD back to 1.31226-1.31103 support. The downward trend will be restored after the price is set below the level of 1.31000 which is the middle line of Bollinger Bands. In this case, the next targets of sellers will be the level of 1.30615.

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Technical indicators mostly keep a buy signal
Bollinger Bands are converging on the background of bullish momentum.
Stochastic is pointed upwards.
MACD histogram stabilized in the positive zone.

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Support and resistance

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Support levels: 1.31226, 1.30615, 1.30005.
Resistance levels: 1.31836, 1.32446, 1.33057.

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Trading recommendations

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Short positions can be opened below the level of 1.31226 with the target at around 1.31000 and stop-loss at 1.31303.
Long positions can be opened above the level of 1.31499 with the target at around 1.31836 and stop-loss at 1.31386.

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EUR/JPY: TECHNICAL ANALYSIS 10.12.19
EURJPYH41012.png

Current trend

On the 4-hour chart, the instrument keeps a positive dynamic The price is approaching a strong resistance in the region of 120.313. The area of 120.313-120.380 can prevent the instrument from growing, as the possibility of the reverse of the price is high there. Meanwhile, a decisive breakout of 120.380 will indicate the uptrend resumption and give a prospect of growth to the 120.508-120.670 resistance area.

Alternative scenario

If the EUR/JPY cannot consolidate above the level of 120.313 during the short term period, the price can reverse and retest the support level of 120.117. Should prices continue slipping under this level, the mark of 119.922 might try activating an upward rebound. However, the breakdown of 119.922 could trigger a pair’s active sales. In this case, the next targets of sellers will be the level of 119.727.

Technical indicators

The technical picture is mixed.

Bollinger Bands are pointed downwards.

MACD is decreasing in the negative zone.

Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

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Support and resistance

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Support levels:120.117, 119.922, 119.727.
Resistance levels: 120.313, 120.508, 120.703.

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Trading recommendations

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Short positions can be opened below the level of 120.117 with the target at around 119.922 and stop-loss at 120.181.

Long positions can be opened above the level of 120.380 with the target at around 120.670 and stop-loss at 120.283.

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XAU/USD: TECHNICAL ANALYSIS 10.12.19
XAUUSDH41012.png

Current trend
XAU/USD continues to consolidate in the side channel after a significant decline over the past four days. In spite of this, the pair has the potential to further decline. If the sellers manage to decline the rate below the level of 1458.93, the downward dynamic can continue to the area of 1457.03 support. This mark will be key for the sellers. The breakdown of 1457.03 will give a prospect of falling to 1453.13.

Alternative scenario

One may speak about downward movement continuation after the price consolidates above the support level of 1465.33. In this case, the next targets of buyers will be the level of 1468.75, which coincided with the middle line of Bollinger Bands. There is a chance of a downward rebound, while its breakout will be a signal for uptrend resumption and let the price growth to 1472.66.

Technical indicators

Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term.
Bollinger Bands are pointed downwards.
MACD is growing in the negative zone.
Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 1460.94, 1457.03, 1453.13.
Resistance levels: 1464.84, 1468.75, 1472.66.

Trading recommendations

Short positions can be opened below the level of 1460.94 with the target at around 1457.13 and stop-loss at 1462.00.
Long positions can be opened above the level of 1465.33 with the target at around 1468.75 and stop-loss at 1464.33.

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NZD/USD: TECHNICAL ANALYSIS 10.12.19
NZDUSDH41012.png

Current trend

On the 4-hour chart, the instrument went up above the level of 0.65500 (the middle line of Bollinger Bands) and has the potential to further growth to the 4-month high surrounding 0.65755 level.
This level seems a tough resistance which can activate a downward rebound. Meanwhile, the breakout and pair’s sustained trading above 0.67755 will give a prospect of growth to the 0.65918 level.

Alternative scenario

The rebound from 0.65755 and pullback below 0.65500 will be a signal for a downward correction. In this case, the pair will test the 0.65308 support. The downward trend will be restored after the price is set below the level of 0.65250. In this case, the next targets of sellers will be the level of 0.65002.

Technical indicators.

The technical picture is mixed.
Bollinger Bands are pointed upwards.
MACD volumes are decreasing in the positive zone.
Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 0.65308, 0.65002, 0.64697.
Resistance levels: 0.65755, 0.65918, 0.66223.

Trading recommendations

Long positions can be opened above the level of 0.65755 with the target at around 0.65918 and stop-loss at 0.65700.
Short positions can be opened below the level of 0.65500 with the target at around 0.65308 and stop-loss at 0.65564.

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USD/CHF: TECHNICAL ANALYSIS 11.12.19
USDCHFH41112.png

Current trend

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USD/CHF is in the stage of upward correction after falling to the level of 0.98330. If the "bulls" manage to raise the rate above the level of 0.98572, the correction can continue to the area of 0.98777-0.98877 levels (the middle line of Bollinger bands). There is a chance of a downward rebound, while its breakout would allow the growth to continue to 0.99182 resistance.

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Alternative scenario

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The rebound from 0.98572 and pullback below 0.98400 could lead the price back to 0.98330 support. The downward trend will be restored after the price is set below the level of 0.98300. In this case, the next targets of sellers will be the level of 0.97961.

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Technical indicators

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The technical picture is mixed.

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Bollinger Bands are diverging on the background of bearish momentum.

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MACD is growing in the negative zone.

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Stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of upward movement formation.

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Support and resistance

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Support levels: 0.98330, 0.97961, 0.97656.
Resistance levels: 0.98572, 0.98877, 0.99182.

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Trading recommendations

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Short positions can be opened below the level of 0.98300 with the target at around 0.97961 and stop-loss at 0.98413.
Long positions can be opened above the level of 0.98572 with the target at around 0.98877 and stop-loss at 0.98470.

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USD/CAD: TECHNICAL ANALYSIS 11.12.19
USDCADH41112.png

Current trend

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USD/CAD continues to consolidate in the narrow side channel with the borders 1.32224-1.32485.
If the sellers manage to decline the rate below the level of 1.32224, the decline can continue to the area of 1.32141. This level can activate an upward rebound, while its breakdown would allow the fall to continue to 1.31989 support.

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Alternative scenario

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The pullback and pair’s sustained trading above 1.32446 resistance will give a prospect of growth to 1.32599-1.32690 resistance area. The level of 1.32751 seems a key level for the buyers. The decisive break of it is needed to indicate uptrend resumption. In this case, the buyers will aim for the level of 1.32904-1.33057.

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Technical indicators

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Technical indicators mostly reflect the relative calmness of the markets and sideways movement of the price.

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Bollinger Bands are pointed sideways.

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MACD volumes are in the negative zone and are moving along the zero line.

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Stochastic is pointed downwards.

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Support and resistance

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Support levels: 1.32294, 1.32141, 1.31989, 1.31836.
Resistance levels: 1.32446, 1.32599, 1.32751, 1.32904.

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Trading recommendations

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Short positions can be opened below the level of 1.32294 with the target at around 1.31141-1.31989 and stop-loss at 1.32395.
Long positions can be opened above the level of 1.32446 with the target at around 1.32599-1.32751 and stop-loss at 1.32344.

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EUR/USD: TECHNICAL ANALYSIS 11.12.19
EURUSDH41112.png

Current trend

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EUR/USD quotes attempted to grow, but reaching a 1.10950 mark moved to a downward correction.
The first target of the correction is the level of 1.10779, which corresponds to the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown will be a signal for downward trend resumption and let the price decline to 1.10626-1.10474.

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Alternative scenario

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Pullback above 1.10950 will give a prospect of growth to 1.11084 resistance which is the key level for the buyers. The area of 1.11084-1.11155 can prevent the instrument from growing, as the possibility of the reverse of the price is high there. However, the decisive break of 1.11155 could trigger a pair’s fresh run-up to a one-week high surrounding 1.11389.

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Technical indicators

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Technical indicators mostly maintain a buy signal.

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MACD is growing in a positive zone.

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Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

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Bollinger Bands are pointed sideways.

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Support and resistance

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Support levels: 1.10779, 1.10626, 1.10474, 1.10321.
Resistance levels: 1.10950, 1.11084, 1.11237, 1.11389.

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Trading recommendations

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Short positions can be opened below the level of 1.10779 with the target at around 1.10474 and stop-loss at 1.10889.
Long positions can be opened above the level of 1.10950 with the target at around 1.11084-1.11237 and stop-loss at 1.10854.

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GBP/USD: TECHNICAL ANALYSIS 12.12.19
GBPUSDH41212.png

Current trend

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GBP/USD is in the stage of a downward correction after growing to the level of 1.32284, but the upward trend is still maintained. If the "bulls" manage to raise the rate above the level of 1.32300, the growth can continue to the area of 1.32446. This level can prevent the instrument from growing, as the possibility of the reverse of the price is high there. Meanwhile, the breakout and pair’s sustained trading above 1.32446 may push GBP/USD towards a 9-month high 1.32700-1.33057 resistance area.

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Alternative scenario

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The pullback below 1.32141 will be a signal for a downward correction formation and give a prospect of decline to 1.31836 level. This level seems a strong support zone. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to 1.31600 level, which corresponds to the middle line of Bollinger Bands. The breakdown of this level could trigger a pair’s decline to 1.31226 support.

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Technical indicators

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Technical indicators maintain a buy signal.

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Bollinger Bands are diverging on the background of bullish momentum.

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MACD is growing in a positive zone.

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Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

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Support and resistance

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Resistance: 1.32284 1.32446 1.32700 1.33057
Support: 1.32141 1.31836 1.31600 1.31226

Trading recommendations

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Buy Target S/L Β  Sell Target S/L
1.32300 1.32446 1.32251 Β  1.32141 1.31836 1.32243
1.32450 1.32700 1.32367 Β  1.31800 1.31600 1.31867

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