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The cable is still looking for room to fix its oversold stance

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 19, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    GBPUSD Daily 19-01-2016 06-40-10 ص.jpg
    The cable has been exposed to triggering more stops of buying orders with its retreating last Friday which led to breaking last Tuesday bottom 1.4350, before bringing down June 2010 supporting level at 1.4345 to maintain the relatively high falling pace which started following forming a top at 1.5238 on last Dec. 11, after forming a series of lower highs and also lower lows.

    The cable resided for trading now near 1.4250, after finding hardly supporting level at 1.4235 to tackle its slide.

    The cable daily RSI is into its oversold area below 30 reading now 18.569 and also its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in deep place into its oversold area below 20 reading only 2.964 and also its signal line which is reading now 7.630 showing strong need for correcting to fix this oversold stance.

    The cable daily Parabolic SAR (step 0.02, maximum 0.2) is in its day number 24 of continued being above the trading rate reading today 1.4425.

    Important levels: Daily SMA50 @ 1.4913, Daily SMA100 @ 1.5118 and Daily SMA200 @ 1.5303


    S1: 1.4235
    S2: 1.4228
    S3: 1.4110
    R1: 1.4321
    R2: 1.4474
    R3: 1.4643

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143

    To open your account at Trade-24 - Click here
    prav likes this.

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