GBP/XAG Currency Pair Forecast
Weaker technical forecast for GBP/XAG as currency pair downgraded to Hold/Accumulate.
(Updated on Jun 25, 2024)
The GBP/XAG currency pair price gained 2.19% on the last trading day (Tuesday, 25th Jun 2024), rising from $0.0429 to $0.0439. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 2.93% from a day low at $0.0428 to a day high of $0.0441. The price has risen in 6 of the last 10 days and is up by 0.83% over the past 2 weeks. Volume fell on the last day by -1 shares and in total, 879 shares were bought and sold for approximately $38.58 . You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The currency pair lies in the middle of a wide 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 -12.10% during the next 3 months and, with a 90% probability hold a price between $0.0333 and $0.0399 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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GBPXAG Signals & Forecast
The GBP/XAG 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 $0.0428 and $0.0421. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 29, 2024, and so far it has risen 10.64%. 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. 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.
Support, Risk & Stop-loss for GBP/XAG currency pair
GBP/XAG finds support from accumulated volume at $0.0432 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 controlled movements and therefore the general risk is considered 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 $0.0013 between high and low, or 2.93%. For the last week the currency pair has had daily average volatility of 3.04%.
Our recommended stop-loss: $0.0424 (-3.34%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 45 days ago.)
Trading Expectations (GBPXAG) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect GBP/XAG to open at $0.0436, and during the day (based on 14 day Average True Range), to move between $0.0427 and $0.0451, which gives a possible trading interval of +/-$0.0012 (+/-2.82%) up or down from last closing price. If GBP/XAG takes out the full calculated possible swing range there will be an estimated 5.63% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0441 (0.44%) than the support at $0.0432 (1.60%), 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/XAG currency pair A Buy?
GBP/XAG 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. 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 Buy to a Hold/Accumulate candidate.
Current score: 0.929 Hold/Accumulate Downgraded
Predicted Opening Price for GBP/XAG of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $0.0436 ( 0.703%) | $0.0439 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GBPXAG
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0448 | 2.15% |
| R2 | 0.0444 | 1.06% |
| R1 | 0.0441 | 0.389% |
| Price | 0.0439 | |
| S1 | 0.0431 | -1.79% |
| S2 | 0.0428 | -2.47% |
| S3 | 0.0423 | -3.56% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0447 | 1.74% |
| R2 | 0.0441 | 0.485% |
| R1 | 0.0441 | 0.441% |
| Price | 0.0439 | |
| S1 | 0.0432 | -1.60% |
| S2 | 0.0421 | -4.08% |
| S3 | 0.0417 | -4.92% |
FAQ
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