GBPUSD Technical Analysis – 02nd MAY, 2024
GBPUSD – Bearish Trend Reversal
[You must be registered and logged in to see this image.]
GBPUSD was unable to sustain its Bullish momentum this week and after touching a high of 1.2543 today, it started to decline towards the 1.2500 levels.
We can see the formation of Bearish Trend Reversal pattern with the Moving Average MA50 in the 2-hourly timeframe.
The prices of Pound are back under the Pivot point in the 2-hourly timeframe.
Some of the Technical indicators are giving a Sell signal at the current market levels of 1.2517.
The Support of the channel is broken in the 15-minutes timeframe.
GBPUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving average.
GBPUSD is now trading just above its Pivot levels of 1.2512 and is moving into a Consolidation channel.
The price of GBPUSD is aiming to cross its Classic Support Levels of 1.2500 after which we can see downwards bearish pressure towards the 1.2488 which is a 14-3 Day Raw Stochastic at 70%.
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 – Bearish Trend Reversal
[You must be registered and logged in to see this image.]
GBPUSD was unable to sustain its Bullish momentum this week and after touching a high of 1.2543 today, it started to decline towards the 1.2500 levels.
We can see the formation of Bearish Trend Reversal pattern with the Moving Average MA50 in the 2-hourly timeframe.
The prices of Pound are back under the Pivot point in the 2-hourly timeframe.
Some of the Technical indicators are giving a Sell signal at the current market levels of 1.2517.
The Support of the channel is broken in the 15-minutes timeframe.
GBPUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving average.
- Pound Bearish Reversal seen Below the 1.2543 mark.
- Short-term range appears to be Neutral.
- GBPUSD continues to remain Below the 1.2520 levels.
- Average true range ATR is indicating less market volatility.
GBPUSD is now trading just above its Pivot levels of 1.2512 and is moving into a Consolidation channel.
The price of GBPUSD is aiming to cross its Classic Support Levels of 1.2500 after which we can see downwards bearish pressure towards the 1.2488 which is a 14-3 Day Raw Stochastic at 70%.
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