GNF/GBP Currency Pair Forecast

GNF/GBP currency pair downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 31, 2024)

GNFGBP Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, May 29, 2024, and so far it has risen 0.484%. 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 GNF/GBP currency pair holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the currency pair giving a more negative forecast for the stock. On further gains, the currency pair will meet resistance from the long-term Moving Average at £0.00009165. On a fall, the currency pair will find some support from the short-term average at £0.00009041. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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. The very low volume increases the risk and reduces the other technical signals issued.

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

GNF/GBP finds support from accumulated volume at £0.00009040 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 £0.00000006 between high and low, or 0.0612%. For the last week the currency pair has had daily average volatility of 0.0986%

Our recommended stop-loss: £0.00008478 (-6.36%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 32 days ago.)

Trading Expectations (GNFGBP) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect GNF/GBP to open at £0.00009055, and during the day (based on 14 day Average True Range), to move between £0.00009029 and £0.00009080, which gives a possible trading interval of +/-£0.00000026 (+/-0.28%) up or down from last closing price. If GNF/GBP takes out the full calculated possible swing range there will be an estimated 0.57% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at £0.00009040 (0.16%) than the resistance at £0.00009134 (0.88%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is GNF/GBP currency pair A Buy?

GNF/GBP 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: 0.324 Hold/Accumulate Downgraded

Predicted Opening Price for GNF/GBP of Monday, June 3, 2024

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