GBP/USD is expected to trade with a bearish bias as key resistance is seen at 184. The pair remains under pressure below the key resistance of 184, which is likely to limit any upward attempts. Both the 20-period and 50-period moving averages are turning down, which indicates a negative signal in the market. In this case, as long as 184 holds on the upside, a new pullback to 182.65 (the previous swing low), and 181.95 seems to be on the cards.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 182.65. A break of that target will move the pair further downwards to 181.95. The pivot point stands at 184.00. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 184.50 and the second target at 185.05.
Resistance levels: 184.50 185.05 185.70
Support levels: 182.65 181.95 181.15
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/JPY for December 15, 2015 . Thanks for your support.
No comments:
Post a Comment