Sterling Pairs Test Key Levels

• 23 Mar 2018

EUR/GBP

A spinning top candlestick at the bottom of the downtrend for EUR/GBP pair appears to signal the start of a bullish reversal. A spike through the 0.870 price level, which represents a previous support level for the pair, has been followed by a bullish candlestick. RSI has also begun a momentum reversal with volume rising into the bullish move, which may suggest that buyers are becoming more active in the pair.

GBP/CHF

The GBP/CHF pair has bounced off a market top at the 1.344 price line and has begun a bearish reversal. Additionally, the pair has broken the 1.339 price level which represents a previous resistance line. RSI confirms the change in sentiment with a break below the 70 resistance line.

GBP/AUD

The GBP/AUD pair has had consecutive breaks of the upper Bollinger band which has been followed by a bearish candle breaking the upper band in today’s trading. RSI has stalled in overbought territory and has a downward trajectory. A break of the 70 level on RSI and candle closing below the upper Bollinger band is required to confirm the reversal.

GBP/NZD

The GBP/NZD pair is presenting with an evening star doji pattern. A doji at the top of the bullish move has resulted in a bearish reversal in today’s trading. RSI supports bearish momentum and the next likely price target for sellers is the 1.940 level.