GBP/USD Technical Analysis – Hantec Markets 25/08/2020

by birtanpublished on August 28, 2020

Welcome back to today's daily report market analysis videos with me richard perrymaker analyst at han tech on tuesday 25th of august looking at cable where sterling has started to rise once more um

It's not the first time this has happened in the past week or so where the market has rallied but essentially it's the third time if you can see here strong rally failure strong rally failure intraday

Strong rally and then a failure into the close so question would be can the balls really hold on to this one well you look at this outlook and you think well essentially we're still trading

Side sideways the breakout which i thought was a key breakout above 3185 didn't turn into that it sort of then turned into more of a consolidation and this really

Choppy phase of candles really volatile swings on on a daily basis we saw um throughout last week and then into this week we've seen an intraday failure where the market

Sort of fell 80 odd pips into the close yesterday um and you can see here on the hourly chart that i've sort of drawn in a couple of pivot lines really or it's effectively a pivot band 3120 to 31.50

3120 originally was the pivot line before the first attempted breakout and then since then 31.50 has come into play um so essentially 3150 3120 to 3150 has

Sort of contained all these um moves or been sort of key pivot areas for these moves in recent days so how the market responds in 31 20 to 31.50 will be important break out above 31.50

Really does suggest that the market is going higher now for for the moment this is still a pretty volatile range actually swinging higher and lower on these hourly indicators rsi back above 60 encourages the move

And the tester 3150 but as i said to you considering the number of ball failures we've had in the last week it is something definitely to just be cautious of um but whilst the market is above 30

Figure i'm still happy and still confident and that this is still fairly supported um this uptrend line that we've got that rises i mean it's not a strictly

Speaking up trend it's only got two points of contact but it's a gauge and that rise is above 30 figure now um momentum indicates it's still slipping a little bit though but rsi above 50 is again

Sort of important to suggest that this is still a range and still arranging a bullish outlook configuration but the market is just essentially consolidating so i'm

Still confident of a sterling dollar at these these levels above 130 figure but there is a big but at the moment and that is the fact that we've got the all these bull failures that we've had in the last week so

Be careful i would say so with that in mind i wish you good luck in your trading today click here to sign up for our webinars also go to um subscribe to our research and you can click to watch trader talks add videos

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