PLNGBP breaks below key technical support level

Polish Zloty/British Pound (PLNGBP) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team


PLNGBP breaks below key technical support level
PLNGBP closes lower for the 3rd day in a row
PLNGBP breaks below Tuesday's low


Moving lower for the 3rd day in a row, PLNGBP ended Wednesday at 0.2048 losing 17 pips (-0.82%). Closing below Tuesday's low at 0.2060, the pair confirmed its breakout through the previous session low after trading up to 15 pips below it intraday.

Daily Candlestick Chart (PLNGBP as at Sep 16, 2020):

Daily technical analysis candlestick chart for Polish Zloty/British Pound (PLNGBP) as at Sep 16, 2020

Wednesday's trading range has been 26 pips (1.26%), that's above the last trading month's daily average range of 21 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for PLNGBP.

One bearish candlestick pattern matches today's price action, the Black Candle.

Prices are trading close to the key technical support level at 0.2037 (S1). Prices broke below the key technical support level at 0.2061 (now R1), which is likely to act as resistance going forward. The last time this happened on Monday, PLNGBP lost -0.58% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. Its common bearish interpretation has been confirmed for PLN/GBP. Out of 366 times, PLNGBP closed lower 51.91% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 52.19% with an average market move of -0.09%.

Market Conditions for PLNGBP as at Sep 16, 2020

Loading Market Conditions for PLNGBP (Polish Zloty/British Pound)...
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