GBP/USD: technical analysis 26.09.2019

Current trend

GBP/USD is in the stage of upward correction after falling to the level of 1.23443. If the "bulls" manage to raise the rate above the level of 1.23901, the correction can continue to the area of 1.24207, which coincided with the middle line of Bollinger Bands. There is a chance of an downward rebound, while its breakout would allow the growth to continue to the area of 1.24512-1.24817. Pullback below 1.23596 could lead the price to 1.23291 (Murray [0/8]) level. The mark of 1.232391 seem tough support as break of which can diver market to 1.22986 (Murray [-1/8]). Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term. Bollinger Bands are pointed downwards. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of the upward movement formation.

Support and resistance

Support levels: 1.23596, 1.23291, 1.22986.

Resistance levels: 1.23901, 1.24207, 1.24512.

Trading recommendations

Short positions can be opened below the level of 1.23291 with the target at around 1.22986 and stop-loss 1.22291.

Long positions can be opened above the level of 1.23901 with the target at around1.24207 and stop-loss 1.23799.

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