09:06, 21 December
GBPUSD Daily Analysis
The GBPUSD pair traded in the red in the prior session and closed at 1.3376, following a low at 1.3372. At present, a signal line crossover from above by the 4H MACD, along with the 8H RSI and stochastic indicators heading towards the south, reflects a bearish technical outlook. In addition, the daily MACD is trading with a downside bias, coupled with stochastic indicator placed below its oversold territory, further confirms the above stance. Crucial support is seen at the 1.3327/25 level, followed by the 8H lower Bollinger band (currently placed at 1.3296/95) and the 8H 200SMA (currently trading at 1.3267/65). A breach below the latter might lead to further bearish momentum in the pair. On the bright side, important resistance resides at the 8H 50SMA (currently trading at 1.3405), followed by the 1.3448/50 and 1.3485 levels. A surge above the latter might trigger positive momentum in the pair.