CNH/GBP Currency Pair Forecast
Stronger technical forecast for CNH/GBP currency pair price after Tuesday trading.
(Updated on Jun 25, 2024)
The CNH/GBP currency pair price fell by -0.0923% on the last day (Tuesday, 25th Jun 2024) from £0.108 to £0.108. During the last trading day the currency pair fluctuated 0.268% from a day low at £0.108 to a day high of £0.108. The price has risen in 6 of the last 10 days and is up by 0.19% over the past 2 weeks. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -3 thousand shares and in total, 42 thousand shares were bought and sold for approximately £4.59 thousand.
The currency pair lies in the middle of a narrow and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the currency pair is expected to fall -2.05% during the next 3 months and, with a 90% probability hold a price between £0.105 and £0.108 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CNHGBP Signals & Forecast
There are mixed signals in the currency pair today. The CNH/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 £0.108 and £0.109. 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 Wednesday, June 12, 2024, and so far it has risen 0.464%. 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 CNH/GBP currency pair
CNH/GBP finds support from accumulated volume at £0.108 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 £0.0003 between high and low, or 0.268%. For the last week the currency pair has had daily average volatility of 0.400%
Our recommended stop-loss: £0.0989 (-8.57%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 48 days ago.)
Trading Expectations (CNHGBP) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect CNH/GBP to open at £0.108, and during the day (based on 14 day Average True Range), to move between £0.108 and £0.109, which gives a possible trading interval of +/-£0.0005 (+/-0.51%) up or down from last closing price. If CNH/GBP takes out the full calculated possible swing range there will be an estimated 1.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £0.108 (0.07%) than the resistance at £0.109 (1.02%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CNH/GBP currency pair A Buy?
CNH/GBP holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.525 Hold/Accumulate Upgraded
Predicted Opening Price for CNH/GBP of Wednesday, June 26, 2024
Fair opening price June 26, 2024 | Current price |
---|---|
£0.108 ( 0.0092%) | £0.108 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNHGBP
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.108 | 0.277% |
R2 | 0.108 | 0.175% |
R1 | 0.108 | 0.112% |
Price | 0.108 | |
S1 | 0.108 | -0.0932% |
S2 | 0.108 | -0.156% |
S3 | 0.108 | -0.259% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.112 | 3.08% |
R2 | 0.111 | 2.32% |
R1 | 0.109 | 1.02% |
Price | 0.108 | |
S1 | 0.108 | -0.0739% |
S2 | 0.108 | -0.453% |
S3 | 0.108 | -0.462% |
FAQ
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