MVR/GBP Currency Pair Forecast

Evaluation of MVR/GBP currency pair downgraded after the last trading session.
(Updated on May 17, 2024)

MVRGBP Signals & Forecast

There are few to no technical positive signals at the moment. The MVR/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 £0.0514 and £0.0517. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -2.80%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). MVR/GBP 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 MVR/GBP currency pair

MVR/GBP finds support from accumulated volume at £0.0508 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 £0.0009 between high and low, or 1.68%. For the last week the currency pair has had daily average volatility of 1.54%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (MVRGBP) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect MVR/GBP to open at £0.0512, and during the day (based on 14 day Average True Range), to move between £0.0502 and £0.0517, which gives a possible trading interval of +/-£0.0007 (+/-1.38%) up or down from last closing price. If MVR/GBP takes out the full calculated possible swing range there will be an estimated 2.76% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at £0.0511 (0.26%) than the support at £0.0508 (0.30%), 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 MVR/GBP currency pair A Buy?

MVR/GBP holds several negative signals and is within a narrow and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair. 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 Hold/Accumulate to a Sell candidate.

Current score: -2.192 Sell Candidate Downgraded

Predicted Opening Price for MVR/GBP of Monday, May 20, 2024

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