GBP/XAG Currency Pair Forecast
GBP/XAG currency pair price down 0.434% on Friday
(Updated on Jun 28, 2024)
The GBP/XAG currency pair price fell by -0.434% on the last day (Friday, 28th Jun 2024) from $0.0436 to $0.0434. During the last trading day the currency pair fluctuated 2.95% from a day low at $0.0427 to a day high of $0.0440. The price has risen in 5 of the last 10 days and is up by 1.08% over the past 2 weeks. Volume has increased on the last day by 104 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 849 shares were bought and sold for approximately $36.84 .
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 -9.10% during the next 3 months and, with a 90% probability hold a price between $0.0347 and $0.0413 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 $0.0431 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 9.39%. 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). GBP/XAG gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". 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 very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved $0.0013 between high and low, or 2.95%. For the last week the currency pair has had daily average volatility of 2.17%.
Our recommended stop-loss: $0.0421 (-2.92%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 48 days ago.)
Trading Expectations (GBPXAG) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect GBP/XAG to open at $0.0434, and during the day (based on 14 day Average True Range), to move between $0.0422 and $0.0446, which gives a possible trading interval of +/-$0.0012 (+/-2.72%) up or down from last closing price. If GBP/XAG takes out the full calculated possible swing range there will be an estimated 5.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0432 (0.48%) than the resistance at $0.0439 (1.14%), 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/XAG currency pair A Buy?
Several short-term signals are positive, despite the currency pair being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for currency pair to perform well in the short-term.
Current score: 1.950 Buy Candidate Unchanged
Predicted Opening Price for GBP/XAG of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $0.0434 ( 0.0726%) | $0.0434 |
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 | 0.0446 | 2.83% |
| R2 | 0.0441 | 1.72% |
| R1 | 0.0438 | 1.04% |
| Price | 0.0434 | |
| S1 | 0.0429 | -1.18% |
| S2 | 0.0426 | -1.87% |
| S3 | 0.0421 | -2.97% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0447 | 2.90% |
| R2 | 0.0441 | 1.59% |
| R1 | 0.0439 | 1.14% |
| Price | 0.0434 | |
| S1 | 0.0432 | -0.475% |
| S2 | 0.0421 | -2.99% |
| S3 | 0.0417 | -3.84% |
FAQ
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