May 31 2018

Sterling(GBPUSD)-Ready to rise

GBPUSD:- Sterling against US Dollar, on a daily candlestick chart has found its support on a 50% Fibonacci Golden Retracement ratio. The tool has applied on the chart from a rally of 1.2108 to 1.4376, the golden retracement ratios of 50% and 61.8% of this rally ends at 1.3251 and 1.2982 respectively. After a steep fall from 1.4376, the pair GBPUSD has started consolidating on a 50% retracement level at highly oversold area. 14 Day RSI had consolidated below 30 mark for many days, before inching back above the oversold zone. MACD line has crossed over the Signal line, giving a bullish crossover with positive divergence. Applied studies are indicating that, the pair can test back 1.3578(200-Day SMA) level in near term, and if the pair will able to give convincing close above 200-Day SMA then the next level of target is 1.3752 mark.