Forex Intraday: GBP/USD with "sell" opportunities

09.04.2019 / 09:56

Rating:

GBP/USD

Time frame: H1

Technical Analysis: The chart shows that the price was moving in a short ascending trend channel, but on April 5, 2019 it was pierced. The pair managed to record a bottom at level 1.2987, then again headed north. At the moment, the pair is 30 pips out of broken support where sales will be more likely. At the same time, on the chart we can see that the price is below 200 EMA, which at this point coincides with the broken support and gives further indication that there is strong resistance.

Indicators: The price is below 200 EMA, as it currently plays a role of strong resistance.

The price is over 50 EMA, and it is currently support.

DeM – In over bought territory that supports the "sell" scenario

Entry into a deal: Only after the price reaches 200 EMA and static support (already resistance).

SL: 1.3130

Alternative Scenario: If the price can break the support (already resistance) the channel and hold it back over it, the price will continue to rise to the upper line of the trend channel.

Trader Milko Zashev

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Forex Intraday: GBP/USD with "sell" opportunities

London

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