BND/GBP Currency Pair Forecast
BND/GBP currency pair price down 0.0438% on Friday
(Updated on May 17, 2024)
The BND/GBP currency pair price fell by -0.0438% on the last day (Friday, 17th May 2024) from £0.577 to £0.577. It has now fallen 6 days in a row. During the last trading day the currency pair fluctuated 0.0293% from a day low at £0.577 to a day high of £0.577. The price has fallen in 7 of the last 10 days and is down by -0.43% for this period.
The currency pair is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at £0.576 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect BND/GBP currency pair with a 90% probability to be traded between £0.578 and £0.597 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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BNDGBP Signals & Forecast
There are mixed signals in the currency pair today. The BND/GBP currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £0.579 and £0.580. A break-up above any of these levels will issue buy signals. 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. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 0.215%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for BND/GBP currency pair
BND/GBP finds support from accumulated volume at £0.576 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 £0.0002 between high and low, or 0.0293%. For the last week the currency pair has had daily average volatility of 0.0514%
Our recommended stop-loss: £0.542 (-5.97%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (BNDGBP) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect BND/GBP to open at £0.577, and during the day (based on 14 day Average True Range), to move between £0.575 and £0.579, which gives a possible trading interval of +/-£0.0018 (+/-0.32%) up or down from last closing price. If BND/GBP takes out the full calculated possible swing range there will be an estimated 0.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £0.577 (0.00%) than the support at £0.576 (0.06%), 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 BND/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 BND/GBP currency pair to perform well in the short-term period.
Current score: 1.038 Buy Candidate Unchanged
Predicted Opening Price for BND/GBP of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| £0.577 ( 0.0098%) | £0.577 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BNDGBP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.577 | 0.0390 % | |
| R2 | 0.577 | 0.0278 % | ||
| R1 | 0.577 | 0.0209 % | ||
| Current price: | 0.577 | |||
| Support | S1 | 0.577 | -0.0014 % | |
| S2 | 0.577 | -0.0083 % | ||
| S3 | 0.577 | -0.0195 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.579 | 0.416 % | |
| R2 | 0.577 | 0.0604 % | ||
| R1 | 0.577 | 0.0039 % | ||
| Current price | 0.577 | |||
| Support | S1 | 0.576 | -0.0619% | |
| S2 | 0.576 | -0.0808% | ||
| S3 | 0.576 | -0.122% |
FAQ
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