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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 344695, member: 104606"] [B][SIZE=5]GBPUSD Technical Analysis – 16th APR, 2024 GBPUSD – Resistance of Channel is Broken[/SIZE][/B] [img]https://i.imgur.com/EIXe3Ul.png[/img] GBPUSD opened this week on an uncertain note after which we can see that the prices have started to move towards the consolidation phase. We can see the resumption of the Uptrend within the Hourly chart of GBPUSD today. The Resistance of the Channel is Broken in the 15-minutes Timeframe. The MACD Indicator is back over Zero indicating the Bullish Trend formation in the 30-minutes timeframe. The prices of GBPUSD are ranging Near the Support of the Channel in the Daily Timeframe. GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average. [LIST] [*] Pound bullish reversal seen above the 1.2426 mark. [*] Short-term range appears to be Neutral. [*] GBPUSD continues to remain above the 1.2440 levels. [*] Average true range ATR is indicating less market volatility. [/LIST] GBPUSD is now trading below its Pivot levels of 1.2448 and is moving into a Consolidation channel. The price of GBPUSD is aiming to cross its Classic resistance levels of 1.2460 after which we can see an upwards bullish pressure towards the 1.2483 which is a 14-3 Day Raw Stochastic at 20%. [I][B]Disclaimer:[/B] This Analytics is created by me and is based on my own personal Forex trading experience of 10 years. I am using my trading experience to help Experienced and Newbie traders and they should know about the risks of Forex trading. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.[/I] [B][URL="https://fxopen.com/blog/en/?utm_source=trendriforum&utm_medium=ownanalysis&utm_campaign=resolve"]For in-depth analysis, please check FXOpen Blog[/URL][/B] [/QUOTE]
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