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Forexpros.com Daily Analysis - 25/10/2010

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Oct 25, 2010.

  1. forexpros2

    forexpros2 Member

    Oct 20, 2009
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    ForexPros Daily Analysis October 25, 2010

    Free webinar on ForexPros - Forex Fundamentals
    Expert: Curt Wehrley
    When: Tuesday, Oct 26, 2010, 10:00 ET

    A review of the top fundamental news events over the prior month, and a look ahead and the news that could influence the foreign exchange market over the coming weeks.

    Click here to join free


    Forex Analysis For GBP/USD and GBP/JPY

    1) Forex Trading Signal For GBPJPY

    Forex Trend Analysis

    The overall trend for this currency pair is DOWN for the week

    Forex Technical Analysis

    Weekly Chart
    Similar to the movement last week, the GBPJPY pair continues to move within the trend channel and in fact testing the 127.616 previous swing low.

    4 Hourly Chart
    On the 4 hourly chart, you will also see a trend channel in action. At the time of writing this analysis, the price has fell to test the support trend line of the trend channel.

    Overall Forex Analysis
    I will go SHORT for this pair but I have to make sure that the price successfully broken the trend channel before considering any SHORT trade.

    Important Levels of Support To Note
    • 127.077
    • 126.735


    2) Forex Trading Signal For GBPUSD

    Forex Trend Analysis

    From the trend analysis that I have done on several time frames, the trend for this pair is DOWN for the week.

    Forex Technical Analysis

    4 Hourly Chart
    The GBPUSD on this time frame is trying to break above the resistance trend line which is at the same level as the Fibonacci 0.500. At the time of writing, the price has failed to break above and instead is being repelled by the resistance trend line.

    Hourly Chart
    After testing the M4 Daily pivot for 4 times consecutively, the price has fallen sharply showing the strength of that resistance level. In fact, at that level, there is also a 0.500 Fibonacci resistance which adds on to the power of that level.

    Overall Forex Analysis
    I will go SHORT for this pair and the best will be after it broke below the strong support at 1.56573.

    Important Levels of Support To Note
    • 1.56573


    Forex trading analysis written by Kelvin Lee for Forexpros.


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