Divergence on GBP/USD

Divergence on GBP/USD

On the GBP/USD currency pair the bearish sentiment has been prevailing for quite some time. Over the past three weeks, the drop in quotations exceeded 700 points. Nevertheless, a technical correction is not ruled out in the near future. At the moment, a classic reversal formation, the price and MACD histogram divergence (H1 timeframe) has been formed. The local resistance is the level of 1.35650. We recommend you to pay attention to this situation.

If the price fixes above 1.35650, it is necessary to consider buying GBP/USD. The closest target for profit taking is the resistance level of 1.36300. The movement is tending to the round level of 1.37000. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustMarkets, 2018.05.07

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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