Aug 9 , 2018
By looking at the daily technial chart we can see that pair is trading in downtrend channel with full of bearish momentum and heading towards south side. In our previous report also we mentioned that to sell this pair as pair is surviving in the decending trading channel since last 4 months which is validating the bearish momentum. Not only this pair even all the pair where GBP is the base currency are falling down due to fears of a no-deal Brexit accelerated on news indicating that the UK Cabinet is preparing contingency plans for the UK crashing out of the EU without a deal.
From technical prospective bears have breached the key support level of 1.2871, which is the psychological level and last hope for bulls. The breakout of this level will open the way towards the 1.2500 level in short term. Presently pair is trading below all the major and minor EMA lines and a bearish marabuzo candlestick followed by three black crow candlesticks pattern is strengthening the bears on the daily technical chart. further downfall is on the cards.
The situation is favourable for bears as we can see that a downtrend line is also lying on the chart. Odds are in favor of bears and intraday bias remains bearish on the pair as long as 1.3050 level remains intact. Some profit booking can’t be ignored but that should be taken as selling opportunity for those who has missed earlier.
A bearish crossover on MACD indicator is supporting the bears and RSI is also favoring the bears from below 50 territory. The 1.2660 is immediate support level followed by 1.2500 level whereas 1.3050 level is immediate resistance level followed by 1.3150.
At Daily Fx Signal, we provide fruitful, accurate and best trading signals in India for traders across the globe at quite reasonable fee. Traders can contact to claim free trial of signals for trading different market-products. For more info, visit our “Products and Services”