Sasha Singh
0
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

GBPUSD : Testing Key Support Trend Line

(GBPUSD : 4 Hour Chart)

GBPUSD has already broken the 50 day SMA signaling the uptrend but the resistance at 1.6811 is not allowing the pair cross above it. A rising support trend line seems to be acting as support for the pair. Currently the pair is testing a support from 50 day SMA and the support trend line. If the pair breaks this support level there might emerge some bearishness in the pair however if the pair find support and rises from this level uptrend remains intact.

(GBPUSD : Daily Chart)

 If broadly looking at the daily chart, the pair seems to be consolidating within an ascending triangle which shows that the pair should continue to follow existing trend. If the pair even breaks the support trend line it will again find support at 1.6696 and should rise. So the losses seems limited to the pair. All moving averages moving in parallel upward direction signaling agreement among investors or showing investor’s sentiment that the pair is going to move up.