AvaTrade - Analytics

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    GBP/USD- In a Resistance zone , what now?

    The GBP/USD pair has entered in a resistance zone on a 4 hour time frame. This is not a fresh level therefore, the odds are not that strong for the price to change its direction especially as we can see that it fell most recently from this level, but now having another attempt to pierce through this level. Moreover, the price is also trading above its upward trend line and above its 50 and 100 day moving averages shown in green and red colour respectively.

    The RSI is also trading in line with the price action which means that while the price is making the lower low, the price action is confirming that move.

     

    GBPUSD  19-10-2015

    Important Zone

    1.5158-1.5082 Support Zone

    1.5530-1.5477 Resistance


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