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12/29/2015 1:27:21 AM

GBP/USD hints at a forming positive pattern - Technical Analysis - 29-12-2015



GBP/USD was confined to sideways trading in the short term and intra-day levels, with a negative pressure from the simple moving average for the period 50, although the sideways trading hinted lately at a forming positive technical pattern that is opposed to the main downward trend, which is the Inverse Head and Shoulders pattern, but it won't be confirmed unless its neck line is breached, which lies at the resistance level of 1.4930, while noting the forming of a positive divergence in the Stochastic indicator as shown below the attached chart.

 

Therefore we are neutral about the pair's next movements, waiting for the pair's attitude towards the resistance of 1.4930; and in case of it breaching the level; the forming technical pattern would be confirmed, thereafter opening the door for the pair make more gains, targeting the resistance of 1.5070.   


Target
Risk


Support
Resistance


Trend Bullish

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