AvaTrade - Analytics

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    GBP/USD- Near Resistance zone, Will you short?

    The GBP/USD is trading in an upward wedge pattern on a 30 minute time frame. However, the range of this wedge pattern is narrowing down as we move towards the upside. The price is testing the 50 day moving average (shown in yellow) and it is also trading above its 100 day moving average which is shown in red. As long as the price stays above these averages, the bias remains towards the upside.

    The RSI and the MACD are showing a clear sign of divergence which means that while the price is making the higher high, indicators are not confirming this.

     

    GBPUSD 26-02-2014

    Important Zones

    Resistance Zone

    1.5644-1.5662 Major

    1.5582-1.5565 Minor

    Support Zone

    1.5332-1.5311 Minor

    1.5230-1.5206 Major


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