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GBP/USD- Technical Analysis

The GBP/USD is trading below the 50 day (shown in green) moving average on a 30 minute time frame. The immediate support zone for the price could be near the 1.6243 which is mentioned below. The CCI indicator is pointing that the price is over sold however, the low on the indicator is still higher as compared to previous low which was on 20 December. This lines up with the RSI indicator which is trading in line with the price action and hence indicating that there may be more correction to come.

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Technical AnalysisBy sharptrader

GBP/USD- Correction could be on the card after the economic data

The GBP/USD h entered in a resistance zone on a 30 minute time frame. The pair has pierced the Bollinger band at this level which means that the volatility for the pair is high. The piercing of the Bollinger band does have a significant importance when this takes place at an important level of support or resistance because this could reverse or pause the current trend.

However, the price has broken its downward channel which represents the strength for the price. At the same time, we have the RSI and the CCI indicators which are pointing for a correction.

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Technical AnalysisBy sharptrader

EUR/USD- In a resistance zone, What now?

The EUR/USD ha entered in its resistance zone on a 4 hour time frame once again. This is the third time that the price has entered this resistance zone therefore, it is more likely that this zone may no longer be able to hold the price down. Having said that, it is a still valid zone of resistance

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Technical AnalysisBy sharptrader

Caterpillar – At an important level of Fibonacci

Caterpillar is trading above its upward trend line on a 4 hour time frame. The stock has retraced to almost the 61.8% level of Fibonacci since it hit its high of 86.85. Generally speaking, if the price bounce back up from the 61.8% retracement level, it represents that the uptrend is strong and it has ability of breaking the previous high. Interestingly enough, the 23.6% retracement level has lined up with a level of support which could be a good opportunity to buy.

However, the RSI is trading in line with the price action which means that the bias could be to the downside. The overall trend for the stock within this time frame is a side way trend which means unless the price breaks out of this zone, the best opportunity could be buying towards the lower end of this zone and selling towards the higher end.

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Technical AnalysisBy sharptrader

Barclays – Downward pressure may still continue

Barclays is trading in a downward channel on a 4 hour time frame. The price is showing more and more weakness as it has failed to touch the upper line of the channel for the past two times which represents weakness for the stock. The RSI is trading near the 30 mark which is considered as an oversold zone however, it has not crossed this zone which is usually a better odd enhancer. The price has pierced the Bollinger band which represents an increase in the volatility and a potential minor mean reversion however, the bias could still be to the downside.

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Technical AnalysisBy sharptrader

GBP/USD- Fell from its resistance zone again as Predicted !

The GBP/USD fell from its resistance on a 30 minute time frame as predicted. This resistance zone was given in our analysis on the 4^th November. However, the price has pierced the Bollinger band and it is trading away from its 20 day moving average which means that the volatility for the pair is high. The piercing of the Bollinger band does have an importance when this takes place at an important level of support or resistance but in this case we do not have any major support, just a very minor support.

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Technical AnalysisBy sharptrader