CUP/GBP Currency Pair Forecast
Weaker technical forecast for CUP/GBP as currency pair downgraded to Sell Candidate.
(Updated on May 17, 2024)
The CUP/GBP currency pair price fell by -0.246% on the last day (Friday, 17th May 2024) from £0.0329 to £0.0328. During the last trading day the currency pair fluctuated 0.511% from a day low at £0.0328 to a day high of £0.0330. The price has fallen in 7 of the last 10 days and is down by -1.22% for this period. 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 shares and in total, 0 shares were bought and sold for approximately £0 .
The currency pair has broken the narrow and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately £0.0329 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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CUPGBP Signals & Forecast
There are few to no technical positive signals at the moment. The CUP/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 £0.0331 and £0.0333. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -2.78%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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.
Support, Risk & Stop-loss for CUP/GBP currency pair
CUP/GBP finds support from accumulated volume at £0.0326 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 0.511%. For the last week the currency pair has had daily average volatility of 0.676%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CUPGBP) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect CUP/GBP to open at £0.0329, and during the day (based on 14 day Average True Range), to move between £0.0326 and £0.0330, which gives a possible trading interval of +/-£0.0002 (+/-0.66%) up or down from last closing price. If CUP/GBP takes out the full calculated possible swing range there will be an estimated 1.32% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £0.0326 (0.73%) than the resistance at £0.0332 (1.12%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CUP/GBP currency pair A Buy?
CUP/GBP holds several negative signals and is within a narrow and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.198 Sell Candidate Downgraded
Predicted Opening Price for CUP/GBP of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
£0.0329 ( 0.122%) | £0.0328 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CUPGBP
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0330 | 0.633 % | |
R2 | 0.0330 | 0.438 % | ||
R1 | 0.0329 | 0.317 % | ||
Current price: | 0.0328 | |||
Support | S1 | 0.0328 | -0.0729 % | |
S2 | 0.0328 | -0.193 % | ||
S3 | 0.0327 | -0.388 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0333 | 1.37 % | |
R2 | 0.0332 | 1.15 % | ||
R1 | 0.0332 | 1.12 % | ||
Current price | 0.0328 | |||
Support | S1 | 0.0326 | -0.727% | |
S2 | 0.0326 | -0.769% | ||
S3 | 0.0325 | -0.91% |
FAQ
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