12:02, 27 February
GBPUSD Daily Analysis
The GBPUSD pair registered marginal losses in the last session to end at 1.3968, after notching a low at 1.3928. As of now, the daily MACD and RSI are pointing towards the south, accompanied by the stochastic indicator placed below its 50line, reflects a weak technical outlook. In addition, a recent signal line crossover from above by the 4H MACD, along with the 8H stochastic and RSI indicators trading with a negative tone, further confirms the above stance. Immediate support is located at the 1.3928/25 level, followed by the 8H lower Bollinger band (currently placed at 1.3899/95) and the 1.3855 level. A move back below the latter .might lead to further weakness in the pair. However, the 4H RSI and stochastic indicators are moving upwards, suggesting at .possible recovery over intraday basis. Crucial resistance is observed at the 8H 100SMA (currently trading at 1.3989/90), followed .by the 1.4025 and the 1.4050 levels.