The daily chart saw GBP/USD not only testing the key resistance of 1.3100 representing 38.2% retracement of the post-Brexit slump from 1.5020 to 1.1940 but also temporarily breaking the level with the bottom of 1.3050 on Thursday, June 28. While Momentum is crawling on the downside around the zero neutral line, technical oscillators like Relative Strength Index leaped off the oversold territory and turned higher with GBP/USD correcting from 1.3050 towards 1.3170 at the end of the last week of June. On the other hand, Slow Stochastic is about to make a bullish crossover within the oversold territory. The GDP/USD was unable to cross substantially below 1.3100 and with correction continuing it is likely to face 1.3200 and 1.3300 before testing key 1.3480 level representing 50% Fibonacci retracement level of the post-Brexit fall. The GBP/USD is still trapped in ranges formed by 38.2% and 50% Fibonacci retracement of the above-mentioned move at 1.3100 and 1.3480. The death star crossover of the 50-day and 100-day moving average on the daily chart indicates further downside potential for GBP/USD first attempting to break again 1.3100 represented by 50% Fibonacci retracement of the post-Brexit slump from 1.5020 to 1.1940. On the upside, the GBP/USD needs to break back above 1.3380 to target 1.3450, high from two weeks ago.
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