Chart Of The Day: GBPUSD struggles between 50-day and 200-day SMA

Mon, 11 Mar 2019 11:16

In spite of sustained trading beneath 200-day SMA, the GBPUSD couldn't stretch its downside as 50-day SMA level of 1.2970 still challenge sellers. Hence, the pair needs to provide a daily closing under 1.2970 in order to revisit the 1.2910 and the 1.2890 supports. However, 1.2815 and 1.2770 are likely to limit the pair's downside below 1.2890.

Should the pair crosses 1.2990 level comprising 200-day SMA, it can rise to 1.3070 but immediate descending trend-line, at 1.3135, may confine the pair's additional upside. Given the pair's refrain from respecting 1.3135, 1.3260 and 1.3310 can come back on the chart.

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