- November 2, 2020
- Posted by: cabana-admin
- Category: Forex Broker
The path of the pair is sided towards the downside. The pair came into the week with the support test at a familiar area around the 1.3000 psychological level. In this instance, however, sellers push through that support as a really strong US dollar took over. The bears are set towards the south side. The pair is capped by the downtrend side. The pair is finally settled around 35-40 pips off daily swings high and opened with the modest bearish gap on the first day of the new trending week. The market is making the negative momentum in the market the bears are giving their depreciating moves in the market. The current market level is 1.2860. The chart is starting approaching the bears to make their flow towards the downside.
Technical Analysis: The technical view of the market we can see that market. The pair might then accelerate the slide towards the 1.2800 marks before eventually dropping the next major support level 1.235-30 region. The pair is making lower lows and higher lows in the market. The bears are showing their negative volatility in the market. The market is making the descending line suggest to us to sell. The GBP/USD risks falling to the falling to the 200-days SMA below all EMA lines. On the 4 hourly chart market is making the downward line and making swings towards the south side. The bearish traders and pave the way for the additional weakness for the pair. The pair has a support level is 1.2839 followed by 1.2781 and resistance is 1.2891 followed by 1.2955. The RSI is below 33.50 the 50 levels which is favoring the bears. A bearish crossover on MACD indicator is showing the weakness in the pair.
Trade idea: Based on the chart and studies above we would suggest that go for a sell at 1.2855 targets is 1.2584 stop loss at 1.2998.
Disclaimer: This is to be considered a marketing communication only, this does not contain, and should not be construed as containing, investment advice or an investment recommendation or investment research or, a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. Past performance is not a guarantee of or prediction of future performance. Cabana Capitals does not take into account your personal investment objectives or financial situation. Cabana Capitals makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of Cabana Capitals, a third party or otherwise. Consequently, any person acting on it does so entirely at their own risk. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of Cabana Capitals. This communication must not be reproduced or further distributed without prior permission.