Our pivot point is at 1.2615.
Our preference: the downside prevails as long as 1.2615 is resistance.
Alternative scenario: the upside breakout of 1.2615, would call for 1.2652 and 1.2674.
Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.2629 and 1.2642). Finally, the GBP/USD is trading below its lower Bollinger band (standing at 1.2593).
Supports and resistances:
1.2674 **
1.2652 *
1.2615 **
1.2600
1.2584 last
1.2532
1.2510 **
1.2488 *
1.2466 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
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Written on 11-21-2024 at 18:26 UTC+1
Price reference: 1.2584 last known on 11-21-2024 at 18:26 UTC+1
Investment horizon: INTRADAY
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