AvaTrade - Analytics

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    GBP/USD- In a Support zone, will you trade?

    The GBP/USD pair is trading in a support zone (mentioned below) on a 4 hour time frame. The support zone is a fresh zone which means it has not been tested and this increases the odds that the price could bounce back up from this zone. The pair is also trading below the 50 and 100 day moving average and the 50 day is trading below the 100 day moving average which shows that the bears are in strong control of the price. We do not have any specific pattern formed for the time being and the main focus is towards the support zone.

    The RSI is showing a clear sing of divergence in relation to the price action which means that while the price is making the lower low , the momentum indicator is not confirming this move.

    GBPUSD  01-10-2015

    Important zone

    1.5113-1.5082 Support

    1.5532-1.5484 Resistance


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