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GBP/USD intraday: look for a drop towards 1.2660 before a bounce

2024-01-05
335

1.2660 is our pivot point.

Our preference: look for a drop towards 1.2660 before a bounce.

Alternative scenario: the downside breakout of 1.2660 would call for 1.2631 and 1.2613.

Comment: the RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is below its 20 period moving average (1.2686) but above its 50 period moving average (1.2682).

Supports and resistances:

1.2774 **

1.2757 *

1.2739 **

1.2722

1.2685 last

1.2671

1.2660 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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