GENERAL OVERVIEW: According to the pair the bear is driving the market. The news that a Brexit deal could be on the horizon has lifted spirits among the GBP bears. Market encourages the pair to trade in downside of the market. Market encouraged with fresh news from Modern’s phase three trails of the covid vaccine front. Result of the vaccine is made so effective as it will give effect on the pair and accordingly the pair moves downside “but now the sentiments are saying the bears are playing at the front foot “trading market towards the south side. the pair making the lower lows and lower highs .once gain the pair is cross falling to holding the below.
TECHNICAL ANALYST: According to the pair it’s noted that the bears are showing their aggression in the market and giving the bearish signals. We suggest our sellers to sit on sell side. On the daily chart we can see that pair is making the double bottom pattern and market will continue to fall. The market is making the descending channel pattern .We can also see that pair will about to break the support level 1.9039 in the upcoming times. The major EMA are falling below SMA lines and gives bearish signals. On the 4 hourly chart pair is making the downward swings, downward swings are forming. So from all whole discussion we can say our sellers can sit for the sell side to make profit. Market will give them negative volatility.
The RSI is below the 50 levels which are favoring the bears. A bearish crossover on MACD indicator is showing the weakness in the pair. Current position of market is 1.9830 and Support is 1.9760 followed by 1.9700 and resistance is 1.9880 followed by 1.2050.
TRADE IDEA : From the above statement with can conclude that sell at 1.9830 target will be 1.9160 -1.9100 and loss will be 1.9860.
