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Technical Analysis – GBPUSD _ 20-02-2019

HomeTechnical AnalysisTechnical Analysis – GBPUSD _ 20-02-2019
20
Feb
Technical Analysis – GBPUSD _ 20-02-2019

The pair has seen a significant rally during yesterday’s trading, breaking the 1.2960 level and ending the downside scenario, which achieved its second target at 1.2815 … The pair is currently trading above the 100 SMA in a bullish formation as seen on the 4 hour chart. 1.3090 as the first target and then 1.3210 as the second target, but the buy saturation indicated by the Stochastic and rsi indicators may press the price to retest the breached area around 1.3000 – 1.2960 to gather enough momentum before heading to the mentioned targets.

A breach of 1.2895 – 1.2900 might be enough to end the upside potential, and the pair could then complete the downside move to test 1.2790 as the first target and then 1.2680 as the second target.

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