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GBP/USD outlook 17/03/2010 of FXCBS

Discussion in 'Technical Analysis' started by fxcbsar, Mar 17, 2010.

  1. fxcbsar

    fxcbsar New Member

    Dec 4, 2009
    Likes Received:
    Wednesday March 17 , 2010

    GBP/USD outlook

    We expect that GBPUSD is still forming the fourth wave of the downside move that started at 1.63000 levels as seen on our provided four-hour chart. Therefore, the recently established ascending channel that controls the movements should continue taking the pair between 1.53000 -38.2% Fibonacci- and 1.54370 -50% Fibonacci- for the entire third wave followed by sharp declines, where the fifth wave will be in progress, targeting the level of 1.45000. There are three technical evidences that cable is preparing for a new descending wave. Negative crossover on Stochastic and momentum indicator representative. And negative divergence on OsMA.


    Senior Analyst / Ali Hasan /FXCBS


    Forex ECN Broker , Currency Online Trading , Low Spread , Free Trading Software


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