BAM/GBP Currency Pair Forecast
Red day on Thursday for BAM/GBP currency pair after losing 0.0443%
(Updated on May 16, 2024)
The BAM/GBP currency pair price fell by -0.0443% on the last day (Thursday, 16th May 2024) from £0.437 to £0.436. It has now fallen 5 days in a row. During the last trading day the currency pair fluctuated 0.0017% from a day low at £0.436 to a day high of £0.436. The price has been going up and down for this period, and there has been a 0.34% gain for the last 2 weeks.
The currency pair is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect BAM/GBP currency pair with a 90% probability to be traded between £0.437 and £0.441 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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BAMGBP Signals & Forecast
The BAM/GBP currency pair holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately £0.437. On a fall, the currency pair will find some support from the long-term average at approximately £0.436. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, May 09, 2024, and so far it has fallen -0.426%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued. The currency pair had a Golden Star Signal on Monday, May 06, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, May 06, 2024.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star
The currency pair had a Golden Star Signal on Monday, May 06, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, May 06, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Monday, May 06, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, May 06, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Support, Risk & Stop-loss for BAM/GBP currency pair
BAM/GBP finds support from accumulated volume at £0.436 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved £0.00000763 between high and low, or 0.0017%. For the last week the currency pair has had daily average volatility of 0.0702%
Our recommended stop-loss: £0.419 (-4.09%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (BAMGBP) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect BAM/GBP to open at £0.436, and during the day (based on 14 day Average True Range), to move between £0.436 and £0.437, which gives a possible trading interval of +/-£0.0007 (+/-0.15%) up or down from last closing price. If BAM/GBP takes out the full calculated possible swing range there will be an estimated 0.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £0.436 (0.01%) than the support at £0.436 (0.15%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is BAM/GBP currency pair A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for BAM/GBP currency pair to perform well in the short-term period.
Current score: 3.037 Buy Candidate Unchanged
Predicted Opening Price for BAM/GBP of Friday, May 17, 2024
Fair opening price May 17, 2024 | Current price |
---|---|
£0.436 ( 0.0006%) | £0.436 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BAMGBP
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.436 | 0.0012 % | |
R2 | 0.436 | 0.0005 % | ||
R1 | 0.436 | 0.00008510 % | ||
Current price: | 0.436 | |||
Support | S1 | 0.436 | -0.0013 % | |
S2 | 0.436 | -0.0017 % | ||
S3 | 0.436 | -0.0023 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.437 | 0.245 % | |
R2 | 0.437 | 0.0583 % | ||
R1 | 0.436 | 0.0134 % | ||
Current price | 0.436 | |||
Support | S1 | 0.436 | -0.152% | |
S2 | 0.435 | -0.339% | ||
S3 | 0.435 | -0.372% |
FAQ
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