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30.05.2017 02:44 AM
Technical analysis of GBP/USD for May 30, 2017
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Overview:

  • The GBP/USD pair traded around the strong resistance at the spot of 1.2973 because the double top is set around the spot of 1.3047.
  • Consequently, the strong resistance has already been formed at the level of 1.2973 and the pair is likely to trade around the spot of 1.2973 and 1.2744.
  • However, if the pair fails to pass through the level of 1.3047, the market will indicate a bearish opportunity below the new strong resistance level of 1.2973.
  • Moreover, the RSI starts signaling a downward trend which is still showing strength above the moving averages 100 and 50.
  • Thus, the market is indicating a bearish opportunity below 1.2973, so it will be good to sell at 1.2973 with the first target at 1.2744.
  • It will also call for a downtrend in order to continue towards 1.2582 in coming days. The daily strong support is seen at 1.2582.
  • On the other hand, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.2973.
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