GBPUSD extended its rebounding from 1.2505 to 1.2725 ahead of today session to look now for containing its slide from 1.2762, after holding its formed supporting level last Dec. 12 at 1.2476 unbroken
After this rebounding extension, the pair became trading in its first day above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.2505.
However the pair is still depressed by continued trading below its daily SMA50, its daily SMA100 and its daily SMA200.
GBPUSD daily RSI-14 is now referring to higher existence inside the neutral area reading 51.227.
GBPUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is still having its main line inside its neutral territory at 59.762 leading to the upside its signal line which is lower inside this same region reading only 32.090
This relatively big discrepancy between the leading main line and the signal line expresses about the higher momentum the pair could gain recently, after positive crossover inside its oversold territory below 20 on forming a bottom at 1.2505 last Tuesday.
Important levels: Daily SMA50 @ 1.2827, Daily SMA100 @ 1.2958 and Daily SMA200 @ 1.2930
Experienced S&R:
S1: 1.2505
S2: 1.2476
S3: 1.2365
R1: 1.2762
R2: 1.3047
R3: 1.3176
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din