SOS/GBP Currency Pair Forecast

SOS/GBP currency pair price up 0.391% on Wednesday
(Updated on May 08, 2024)

SOSGBP Signals & Forecast

The SOS/GBP 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 £0.0013 and £0.0013. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 11, 2024, and so far it has risen 2.72%. 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 SOS/GBP currency pair

SOS/GBP finds support from accumulated volume at £0.0013 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 £0.00000244 between high and low, or 0.186%. For the last week the currency pair has had daily average volatility of 0.261%

Our recommended stop-loss: £0.0013 (-4.35%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 43 days ago.)

Trading Expectations (SOSGBP) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect SOS/GBP to open at £0.0013, and during the day (based on 14 day Average True Range), to move between £0.0013 and £0.0013, which gives a possible trading interval of +/-£0.00000477 (+/-0.36%) up or down from last closing price. If SOS/GBP takes out the full calculated possible swing range there will be an estimated 0.73% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at £0.0013 (0.08%) than the support at £0.0013 (0.95%), 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 SOS/GBP currency pair A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for SOS/GBP currency pair to perform well in the short-term period.

Current score: 4.601 Buy Candidate Unchanged

Predicted Opening Price for SOS/GBP of Thursday, May 9, 2024

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