fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: Technical Analysis for GBP Fri Oct 25, 2013 10:48 am | |
| Technical Analysis for GBP The pair was trapped between Linear Regression Indicators and momentum indicators are still showing overbought signals. Stability below 1.6265 keeps the effect of the bearish harmonic Crab Pattern, as we will benefit from approaching the referred to level to suggest a downside move affected by the mentioned pattern. Of note, breaching 1.6265 will trigger a bullish wave and fail the harmonic pattern. Support: 1.6190, 1.6170, 1.6120, 1.6100, 1.6075 Resistance: 1.6225, 1.6265, 1.6305, 1.6340, 1.6370 Recommendation Based on the above, sell the pair below 1.6225 targeting 1.6190, 1.6120 then 1.6100 and stop-loss at four-hour closing above 1.6265 If the stop-loss was triggered, buy the pair above 1.6265 targeting 1.6305, 1.6340 then 1.6370 and stop-loss at four-hour closing below 1.6190 | |
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