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Shooting star patterns have occurred at 1.8268 and 1.7938 levels on daily plotting, consequently, the price dips are observed.
Trend study in the minor trend: 7DMA has crossed below 21DMA which is the bearish crossover, while MACD also shows bearish crossover. These patterns signal selling interests to prolong further.
Momentum study in the minor trend: Both RSI and stochastic curves evidence downward convergence that indicates the strength of the downtrend and intensified selling momentum.
For now, more dips seem to be on cards as the current price slides below DMAs coupled with bearish DMA & MACD crossovers and mounting bearish momentum.
Overall, in a nutshell, these bearish patterns have evidenced considerable price dips, subsequently, previous upswings are losing strength after current prices sliding below DMAs.
Well, on the contrary, bulls appear to be on the upper hand on double bottom pattern formation which is bullish in nature with bottom 1 at 1.5736 & bottom 2 at 1.5837, both leading & lagging indicators substantiate.
Trend study in the major trend: Well, these trend and momentum indications are absolutely adverse to the indications for minor trend, the 7EMA has crossed above 21EMA which is the bullish crossover, while MACD also shows bullish crossover. These patterns signal buying interests to prolong further.
Momentum study in the major trend: Both RSI and stochastic curves evidence upward convergence that indicates the strength of the uptrend and intensified buying momentum.
Well, having said that we wrap up with a concluding note, short-term aggressive bears can speculate this pair via tunnel spreads using upper strikes at 1.7942 and lower strikes at 1.7839, alternatively, long-term investors at current juncture contemplating above puzzling indications, we advocate buying 1m ATM +0.5 delta call and simultaneously, buy 1m ATM -0.49 delta put options at net debit. The straddle strategy is meant to be deployed on hedging grounds.
Currency Strength Index: FxWirePro's hourly GBP spot index is at shy above -13 levels (which is neutral), while hourly CAD spot index is edging higher at 83 levels (bullish) while articulating (at 09:25 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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