GBP USD Technical Analysis August 13 2018

The GBP / USD (British Pound/U.S. Dollar) dropped down below the strong support level 1.2800. Today, the pair is trading below the pivot point. It will likely to trade in a higher range as long as it remains below 1.2780. Today August 13, 2018 at 9:15 GMT the pair GBP/USD trading at 1.2747. The pair is trading below the moving average with a 55 period, indicating a bearish trend for the currency pair GBP USD. Currently, GBP / USD is moving near the lower border of the Bollinger Bands. A bearish trend can be expected and the next target will be at 1.2600.

The market is dominated by worries about Turkey and its currency, which fell by more than 25% last week and has again reached a low price since the market opened this week. European banks are likely to suffer any infection, so the situation records all risky assets, but especially the euro, which could have a detrimental effect on the pound. There is likely to be more volatility in prices which will depend on the defensive actions likely to be determined by the CBK soon, so it is difficult to predict how the price moves today? There may be a strong movement in either direction, but it can move the downward movement is more if the Turkish central bank is unable to stop slipping into the lira. There have been signs in recent hours that the lira has begun to stabilize.

The British pound fell sharply on Friday. In our technical analysis, we believe that this will be just an opportunity to sell from higher levels. We believe that the initial signs of fatigue will attract a lot of selling and are likely to move towards the 1.2500 level in the long term. If we rush from here, it is likely that this is the scenario where we can simply sell from the higher levels. If you break above the 1.3000 level, we can talk about the possibility of buying. The bullish divergence on the CCI was formed today, allowing us to rely on a reversal in favor of the British currency and some growth towards the corrective level at 200.0% at 1.3050.

 

The expected trend for today is Bullish (Only for the short time)

Supports Levels:

Support 1: 2716

Support 2: 1.2662

Support 3: 1.2602

 

Resistance Levels:

Resistance 1: 1.2830

Resistance 2:  1.2890

Resistance 3: 1.2944

 

Previous day`s high : 1.2836

Previous day`s low : 1.2722

 

GBP/USD Technical Analysis August 3, 2018

USD/JPY Technical Analysis August 3, 2018