MGA/GBP Currency Pair Forecast

Green day on Friday for MGA/GBP currency pair after gaining 0.0153%
(Updated on May 31, 2024)

MGAGBP Signals & Forecast

The MGA/GBP currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £0.0002 and £0.0002. A break-up above any of these levels will issue buy signals. 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. Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Wednesday, May 29, 2024, and so far it has risen 0.441%. Further rise is indicated until a new top pivot has been found. The currency pair had a Golden Star Signal on Friday, March 15, 2024 in the short-term chart.

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 MGA/GBP currency pair

MGA/GBP finds support from accumulated volume at £0.0002 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 between high and low, or 0%. For the last week the currency pair has had daily average volatility of 0.211%

Our recommended stop-loss: £0.0002 (-5.87%) (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 (MGAGBP) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect MGA/GBP to open at £0.0002, and during the day (based on 14 day Average True Range), to move between £0.0002 and £0.0002, which gives a possible trading interval of +/-£0.00000065 (+/-0.37%) up or down from last closing price. If MGA/GBP takes out the full calculated possible swing range there will be an estimated 0.75% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at £0.0002 (0.02%) than the resistance at £0.0002 (2.16%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is MGA/GBP currency pair A Buy?

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.

Current score: 1.172 Buy Candidate Unchanged

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

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