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Thread: GbpUsd Technical View

  1. #1
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    Default GbpUsd Technical View

    GbpUsd Technical View

    Cable tested the 2.0365 resistance again on Thursday and today is trading just under it while most of the trading community is waiting for the fundamental news releases. Same as the euro, cable is close to being oversold if we look at indicators on the daily charts, that and the strong up trend we've witnessed last couple of months should be enough to point out a possible long opportunity. If the pair gathers some strength and pushes over the 2.0365 resistance level we have to pay attention to former support levels now turned into resistance, closest one is the 2.0400 followed by the 2.0500, both of them are intermediary levels before the pair gets close enough to July 24th record high at 2.0650. On the other hand, good news for the US dollar will put pressure on the pair and a move lower towards 2.0200 can be possible, if this move has enough energy to break the strong 2.0200 support the next support is April 18th high of 2.0133 before the 2.0000 round number.

    Resistance Levels

    * 2.0700- round number
    * 2.0650 July 24th High
    * 2.0360 July 11high

    Support Levels

    * 2.0200 Round number
    * 2.0133 April 18th High
    * 2.0060/70 April 25th High

  2. #2
    In Profit ngurah's Avatar
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    Jun 2007
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    Default GBP/USD today

    Failure to extend intra-day rebound n current
    retreat suggest further sideways trading inside the
    2.0189-2.0257 range wud be seen n 2.0200/05 needs
    to hold for prospect of another bounce, abv said
    res wud bring retrace. twds 2.0280.

    Trade fm long side, stop as indicated, break
    wud risk a re-test of 2.0183 low...

    Range Forecast
    2.0210 / 2.0240

    R: 2.0257/2.0280/2.0338
    S: 2.0183/2.0140/2.0100

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