GBP/USD, How Does Our Signal Look This Morning?

Posted Thursday, August 17, 2017 by
Skerdian Meta • 1 min read

Yesterday evening we opened a sell forex signal in GBP/USD. When I left the platform, this signal wasn’t at the best of places Let´s take a look at where it stands this morning, right before the UK retail sales are released.

We are near the opening level right now, but the hourly chart still doesn´t look very good. The price climbed above the 50 SMA (yellow) yesterday evening and remains above it despite the retrace lower in the last few hours.   

Let´s just wait for retail sales before judging too harshly

Now it looks like this moving average will turn into support after previously providing resistance. As you can see from the chart above, the price is trying to break below it, without success.  

Stochastic is oversold as well, which means that this chart is oversold. So, according to this time frame chart, we are heading up, unless UK retail sales send the Pound plunging.

The H4 chart looks much better for sellers as the stochastic here is overbought and the 200 SMA (purple) is holding just above, in case the buyers get any ideas. The technical picture is a mixed bag right now, but the retail sales will clear things up, so hold tight for a few minutes guys.   

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