GBP/NGN Currency Pair Forecast

GBP/NGN currency pair price down 0.670% on Friday
(Updated on May 17, 2024)

GBPNGN Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, May 13, 2024, and so far it has risen 5.65%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The GBP/NGN 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 $643.37 and $1,403.94. A break-up above any of these levels will issue buy signals. 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.

Support, Risk & Stop-loss for GBP/NGN currency pair

On the downside, the currency pair finds support just below today's level from accumulated volume at $181.44. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the currency pair price.

This currency pair may move very much during the day (volatility) and with periodic low trading volume this currency pair is considered to be "very high risk". During the last day, the currency pair moved $1.42 between high and low, or 0.739%. For the last week the currency pair has had daily average volatility of 184.03%.

GBP/NGN is oversold on RSI14 (7). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (GBPNGN) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect GBP/NGN to open at $192.11, and during the day (based on 14 day Average True Range), to move between $67.91 and $315.46, which gives a possible trading interval of +/-$123.78 (+/-64.57%) up or down from last closing price. If GBP/NGN takes out the full calculated possible swing range there will be an estimated 129.14% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $192.98 (0.67%) than the support at $181.44 (5.34%), 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 GBP/NGN currency pair A Buy?

GBP/NGN holds several negative signals and is within a very wide 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.

Current score: -5.519 Strong Sell Candidate Unchanged

Predicted Opening Price for GBP/NGN of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.