GBP/USD: technical analysis 13.06.2019

GBP/USD: technical analysis 13.06.2019

Current trend

The price has tested the support level of 1.2682 (Murray [3/8]) and was slightly corrected upwards, but the downward trend maintains. The downward trend will be restored after the price is set below the level of 1.2682. In this case, the next targets of sellers will be the level of 1.2664 (Murray [3/8]). There is a chance of an upward rebound from the level of 1.2664, while its breakdown would allow the fall to continue to the area of 1.2634 (Murray [2/8]). If the “bulls” manage to raise the rate above the level of 1.2701 (middle line of Bollinger Bands), the correction can continue to the area of 1.2725(Murray [5/8])-1.2756 (Murray [6/8]). Technical indicators reflect the moderate maintenance of the current downward trend. Bollinger Bands and Stochastic are pointed downwards. MACD histogram is ready to enter the positive zone and form a sell signal.

Support and resistance

Support levels: 1.2664, 1.2634, 1.2603.
Resistance levels: 1.2695, 1.2725, 1.2756.

Trading recommendations

Short positions can be opened below the level of 1.2682 with the target at around 1.2664-1.2634 and stop-loss 1.2698.
Long positions can be opened above the level of 1.2701 with the target at around 1.2725-1.2756 and stop-loss 1.2683.