fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: Technical Analysis for GBP Mon Jan 06, 2014 10:54 am | |
| Technical Analysis for GBP The pair broke the minor bullish support level showing on graph and is trading below Linear Regression Indicator 34 and 55 which is negative. On the other hand, we notice that the pair is still above the main bullish support of the ascending channel shown on graph. Trading between 1.6260 and 1.6460 levels forces us to favor the sidelines in our weekly report, whereas the pair has to exit this range to determine the trend especially that there is a contradiction between Stochastic and Linear Regression Indicator 34. Support: 1.6340, 1.6310, 1.6260, 1.6225, 1.6170 Resistance: 1.6405, 1.6460, 1.6510, 1.6550, 1.6600 Recommendation Based on the above, we prefer to remain neutral waiting for confirmation signals | |
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