AvaTrade - Analytics

    AvaTrade

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    GBP/USD- Broken its upward trend line

    The GBP/USD pair has broken its upward trend line on a 30 minute time frame. Most of the trend within this time frame has been sideway but the recent downward swing has brought back the upward momentum in the stock which was stopped by the resistance (mentioned below). The price is also trading below the 50day shown in yelloe and the 100 day moving average and this reflects that the bears are in control of the price. As long as the price stays below these averages, the bias remains towards the downside.

    The RSI and the MACD indicators are not useful in this instance as the overall trend is sideway.

    GBPUSD 21-04-2015

    Important Zones

    Support Zone

    1.4718-1.4697 Minor

    1.4842-1.4817 Major

    Resistance Zone

    1.5055-1.5025 Major


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