GBP/PLN Currency Pair Forecast

Green day on Thursday for GBP/PLN currency pair after gaining 0.193%
(Updated on May 02, 2024)

GBPPLN Signals & Forecast

There are mixed signals in the currency pair today. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -0.251%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. The GBP/PLN currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at 5.05zł and 5.02zł. A breakdown below any of these levels will issue sell signals. The currency pair had a Golden Star Signal on Friday, March 15, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, March 18, 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 GBP/PLN currency pair

GBP/PLN finds support from accumulated volume at 5.06zł 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 0.0015zł between high and low, or 0.0296%. For the last week the currency pair has had daily average volatility of 0.231%

Our recommended stop-loss: 4.87zł (-3.79%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)

Trading Expectations (GBPPLN) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect GBP/PLN to open at 5.06zł, and during the day (based on 14 day Average True Range), to move between 5.04zł and 5.09zł, which gives a possible trading interval of +/-0.0257zł (+/-0.51%) up or down from last closing price. If GBP/PLN 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 5.06zł (0.01%) than the resistance at 5.07zł (0.13%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is GBP/PLN currency pair A Buy?

GBP/PLN 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.

Current score: -0.434 Hold/Accumulate Unchanged

Predicted Opening Price for GBP/PLN of Friday, May 3, 2024

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