GBP/USD Having Downward pressure – Analysis

GBP / USD is trading sharply lower in a time of 30 minutes. Prices are trading well below the 50day (shown in green) and 100 days (shown in yellow) moving average, which means that it bears a strong control over the price.

Bollinger Bands are a pair of holes in the area, which means that the pair’s volatility 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 it can reverse or stop the current process.

CCI indicator is showing early signs of a reversal of the negative divergence of opinion in relation to price. RSI indicator is also trading at an extreme over sold zone, which means that the upward movement could be on the cards.

GBP/USD having Downward pressure
GBP/USD Having Downward pressure – Analysis

Expected trading range for today is between: 1.6255 support and 1.6540 resistance.

Expected trend for today: Bearish