Resolve
Experienced member
- Messages
- 1,798
- Likes
- 3
GBPUSD Technical Analysis – 06th AUG, 2024
GBPUSD – Parabolic SAR Indicator Bearish Reversal
GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2802 the prices started to decline sharply against the US dollar.
The Parabolic SAR Indicator is giving a Bearish Reversal signal in the weekly timeframe.
We can see the formation of Bearish price crossover pattern with adaptative moving average 50 AMA50 and moving average MA50 in the daily timeframe.
The Support of the channel is also broken in the daily timeframe.
The horizontal support is broken in the 15-minutes timeframe.
The MACD indicator is back under zero in the daily timeframe.
The prices of GBPPUSD are ranging near a Near a new LOW record of 1 month.
GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bearish reversal seen below the 1.2802 mark.
• Short-term range appears to be Strong Bearish.
• GBPUSD continues to remain above the 1.2700 levels.
• Average true range ATR is indicating high market volatility.
GBPUSD is now trading above its Pivot levels of 1.2692 and is moving into a Strong Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.2685 and is now moving towards its next target of 1.2701 which is a Price 2 Standard Deviations Support.
We are also looking for the breach of the levels of 1.2675 which is a 38.2% Retracement From 13 Week Low.
Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.
For in-depth analysis, please check FXOpen Blog
GBPUSD – Parabolic SAR Indicator Bearish Reversal
GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2802 the prices started to decline sharply against the US dollar.
The Parabolic SAR Indicator is giving a Bearish Reversal signal in the weekly timeframe.
We can see the formation of Bearish price crossover pattern with adaptative moving average 50 AMA50 and moving average MA50 in the daily timeframe.
The Support of the channel is also broken in the daily timeframe.
The horizontal support is broken in the 15-minutes timeframe.
The MACD indicator is back under zero in the daily timeframe.
The prices of GBPPUSD are ranging near a Near a new LOW record of 1 month.
GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average.
• Pound Bearish reversal seen below the 1.2802 mark.
• Short-term range appears to be Strong Bearish.
• GBPUSD continues to remain above the 1.2700 levels.
• Average true range ATR is indicating high market volatility.
GBPUSD is now trading above its Pivot levels of 1.2692 and is moving into a Strong Bearish channel.
The price of GBPUSD is above its Classic support levels of 1.2685 and is now moving towards its next target of 1.2701 which is a Price 2 Standard Deviations Support.
We are also looking for the breach of the levels of 1.2675 which is a 38.2% Retracement From 13 Week Low.
Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.
For in-depth analysis, please check FXOpen Blog