GBP/USD: technical analysis 11.09.2019

GBP/USD: technical analysis 11.09.2019

Current trend

GBP/USD is trading above its middle line of Bollinger Bands suggesting bullish momentum. The first tough resistance is located on the level of 1.23741. This level holds the gate for its rise to 1.23901 (Murray [7/8]) resistance-line. There is a chance of an downward rebound, while its breakout would allow the raise to continue to 1.24300-1.24512 (Murray [8/8]). Alternative scenario. Pullback and price sustained trading below the level of 1.23291 (Murray [6/8]) could lead the price to the 1.22681 level (Murray [5/8]). The downward trend will be restored after the price is set below the level of 1.22681. In this case, the next targets of sellers will be area of level of 1.22363-1.22070 (Murray [4/8]). Technical picture is mixed. Bollinger Bands are pointed sideways. MACD volumes are in the positive zone and are moving along the zero line. Stochastic is pointed downwards.

Support and resistance

Support levels: 1.23291, 1.22681, 1.22363, 1.22070.
Resistance levels: 1.23741, 1.23901, 1.24300.

Trading recommendations

Short positions can be opened below the level of 1.23291 with the target at around 1.22681 and stop-loss 1.23494.
Long positions can be opened above the level of 1.23741 with the target at around 1.23901-1.24000 and stop-loss 1.23654.