GBP/USD Technical Analysis – Hantec Markets 17/08/2020

by birtanpublished on August 24, 2020

Welcome back to my daily reports market analysis videos with me richard perry market analyst at hantech on monday 17th of august looking at cable now which similar to eurodollar i mean i do see a lot of similarities actually in these

Charts now you've got this range that is continuing to play out we're ticking higher in the range dollars sort of suffering a little bit we're starting to see that momentum indicators are stabilizing

And picking up on rsi macd and also stochastics and it's essentially a range play um two and a half week range euro dollars about three week range but to cable about two and a half weeks and

Again within that range you're slightly positive trading above 30 big figure nothing really doing in terms of conviction might had but uh still we really are fairly

Much sort of neutral to positive on cable now on the technicals on a near-term basis but we need to just keep an eye on this basically because it is just going um essentially in this in this trading

Range but it's stuck underneath big resistance at 32 figure 32 figure which was the height from march but also back in january as well so there or there abouts big overhead resistance and subsequently

It is a struggle for cable to get through that and what you'd be saying also is these um these candlesticks that have these long upper shadows suggest that the balls do have a go

Intraday but then they can't maintain that momentum into the clothes and subsequently you get left this long upper shadow and then a small candlestick body another little go to the upside today 25

30 pips up on the day but is it a move that you're going to be trusting certainly looking on the hourly chart it's just a a little minor tick higher with a within a very slight positive bias really

Nothing doing in terms of conviction flat to slightly positive moving averages reflect that as well so move above 31 um 3140 really does open the upside a

Little bit but yeah to be honest we're still fairly neutral in this configuration of the trading range okay so with that in mind i wish you

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