Sunday 31 May 2015

GBP/USD: Mildly positive if sustains above 1.5305/02


After recording a bearish engulfing candlestick pattern on the daily chart in the previous week, the GBPUSD pair continued to grind lower. In the previous session, the pair oscillated between gains and losses, recording a small doji candlestick pattern on the daily chart. On the 8H chart, after over extended trading of the stochastic indicator in the oversold territory, it is now attempting to head higher above its midline. Meanwhile, emerging signs of positive divergence condition on the 2H MACD and RSI suggests at a possibility of mild recovery today. However, a move back and stability above the immediate resistance of 1.5340/50 is required to confirm the same. The weekly technical picture continues to reflect a bearish outlook.

 

No comments:

Post a Comment