Technical Analysis 21.01.2019

GBPUSD

The pair is trading above 1.2850 following last week’s local reversal. It’s likely to resume decline, as there’s nothing to substantiate further growth so far.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the level of 50% and is moving horizontally. Stoch are in the oversold territory and aren’t informative.

Trading recommendations:

If the price falls below 1.2850, it will go further down to 1.2735.