GBP/SGD Currency Pair Forecast
GBP/SGD currency pair price ended at S$1.71 on Friday, after gaining 0.131%.
(Updated on May 17, 2024)
The GBP/SGD currency pair price gained 0.131% on the last trading day (Friday, 17th May 2024), rising from S$1.71 to S$1.71. During the last trading day the currency pair fluctuated 0.436% from a day low at S$1.70 to a day high of S$1.71. The price has risen in 6 of the last 10 days and is up by 0.95% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 49 thousand more shares were traded than the day before. In total, 49 thousand shares were bought and sold for approximately S$84.51 thousand.
The currency pairis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at S$1.71 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect GBP/SGD currency pair with a 90% probability to be traded between S$1.68 and S$1.70 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. 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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GBPSGD Signals & Forecast
The GBP/SGD 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 S$1.70 and S$1.70. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 0.95%. Further rise is indicated until a new top pivot has been found. GBP/SGD has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The currency pair had a Golden Star Signal on Tuesday, May 14, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Tuesday, May 14, 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.
Golden Star
The currency pair had a Golden Star Signal on Tuesday, May 14, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Tuesday, May 14, 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.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Tuesday, May 14, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Tuesday, May 14, 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/SGD currency pair
GBP/SGD finds support from accumulated volume at S$1.70 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 with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved S$0.0074 between high and low, or 0.436%. For the last week the currency pair has had daily average volatility of 0.106%.
Our recommended stop-loss: S$1.61 (-5.89%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 14 days ago.)
Trading Expectations (GBPSGD) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect GBP/SGD to open at S$1.71, and during the day (based on 14 day Average True Range), to move between S$1.70 and S$1.71, which gives a possible trading interval of +/-S$0.0045 (+/-0.26%) up or down from last closing price. If GBP/SGD takes out the full calculated possible swing range there will be an estimated 0.52% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at S$1.71 (0.00%) than the support at S$1.70 (0.51%), 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/SGD currency pair A Buy?
GBP/SGD 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: 0.730 Hold/Accumulate Unchanged
Predicted Opening Price for GBP/SGD of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| S$1.71 ( 0.0668%) | S$1.71 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GBPSGD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.71 | 0.368 % | |
| R2 | 1.71 | 0.202 % | ||
| R1 | 1.71 | 0.0992 % | ||
| Current price: | 1.71 | |||
| Support | S1 | 1.70 | -0.233 % | |
| S2 | 1.70 | -0.335 % | ||
| S3 | 1.70 | -0.501 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.71 | 0.313 % | |
| R2 | 1.71 | 0.246 % | ||
| R1 | 1.71 | 0.0006 % | ||
| Current price | 1.71 | |||
| Support | S1 | 1.70 | -0.509% | |
| S2 | 1.70 | -0.552% | ||
| S3 | 1.68 | -1.43% |
FAQ
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