fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: Technical Analysis for GBP  Tue Nov 05, 2013 9:24 am | |
|  Technical Analysis for GBP The pair moved to the upside yesterday but remained limited below 1.5985. Stabilizing below the referred to level represented in 23.6% correction of CD Leg of the bearish harmonic Crab Pattern forces us to expect a downside move today. Breaching 1.6030 will worry us in regards to these expectations. Support: 1.5940, 1.5920, 1.5875, 1.5815, 1.5800 Resistance: 1.5985, 1.6000, 1.6030, 1.6075, 1.6110 Recommendation Based on the above, sell the pair below 1.5985 targeting 1.5940, 1.5875 then 1.5815 and stop-loss at four-hour closing above 1.6030 If the stop-loss was triggered, buy the pair above 1.6030 targeting 1.6075, 1.6110 and stop-loss at four-hour closing below 1.5985 | |
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