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Ever since it has rejected at stiff resistance levels of 1.3033-1.3048, Cable’s consolidation phase seems to be exhausted.
RSI signals faded strength in the upswings of this phase at 50 juncture, it was when GBPUSD began drifting in a range as shown in the monthly charts.
This leading indicator signals weakness in the current short term trend, as a result, last Friday bears have managed to breach below strong support s at 1.2894 levels (still below this level).
Consequently, the prices have slid below DMAs. For now, any abrupt the bulls swings are likely to restrain below DMAs.
Well, both leading oscillators seem to be in bears’ favor, RSI constantly evidences downward convergence to signal the strength in bearish rallies. While stochastic curves have been slightly indecisive but certainly not in bulls favor (both time frames).
On the other hand, lagging oscillators are also in sync with the same bearish stance offered by the leading indicators. MACD indicates the price slumps to prolong further (refer 4H charts), while 7DMA has crossed below 21DMA which is again a bearish signal.
On the broader perspectives, the consolidation phase turns into bearish again, the major trend restrained below 21-EMA, interim rallies not backed decisively by both leading & lagging indicators.
Well, the overall minor trend is weaker for sure, while no traces of signals of long build ups for major trend.
Trade tips:
Well, as a result of above technical reasoning, on speculative grounds we advise boundary binaries.
Use upper strikes at 1.2895 and lower strikes at 1.2857 (i.e. 30-40 pips).
The strategy is likely to fetch leveraged yields as long as underlying spot FX remains within these strikes on or before the binary expiry duration.
While the FxWirePro currency strength index for the dollar amid tepid day as there is no significant data announcement for the day, is indicating weaker despite relinquishing its recent stiffness to the bears (34 neutral), while GBP has also been neutral by flashing -17.
For more details on our index please visit below weblink:
http://www.fxwirepro.com/fxwire/currencyindex
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