AvaTrade - Analytics


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GBP/USD- Ready for a big move

The GBP/USD pair is trading in a side way pattern  on a 4 hour time frame. The price is also trading in a very small range and the price is trading close enough to its 20 day moving average. Nonetheless, the price is also trading above the upward trend line, but at the same time it is also trading below the downward trend line and this creates the narrow trading range for the pair.

The RSI indicator which is a momentum indicator, is not much of a help when the price is trading in a side way pattern. The MACD indicator is also trading near the over sold region and this creates an opportunity that the price may be moving toward the upside.

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Important zone
1.5779-1.5742 Resistance
1.5452-1.5499 Support

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