1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

GBPUSD failed to break above 1.6822 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 3, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Joined:
    Sep 1, 2008
    Messages:
    914
    Likes Received:
    0
    GBPUSD failed to break above 1.6822 resistance and stayed in the trading range between 1.6582 and 1.6822. As long as 1.6582 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.6252, another rise towards 1.7000 could be expected after consolidation. On the downside, a breakdown below 1.6582 support will indicate that lengthier consolidation of the longer term uptrend from 1.4813 (Jul 9, 2013) is underway, then deeper decline to 1.6400 area could be seen.

    [​IMG]

    Provided by ForexCycle.com
     
  2. Fxtrader88

    Fxtrader88 New Member

    Joined:
    Nov 24, 2015
    Messages:
    81
    Likes Received:
    2
    Gender:
    Male
    Location:
    Latvia
    [​IMG]

    Daily chart: against bullish convergence of the oscillator, bears seem to finalize the bottom Bollinger band (1.4981), from which some upward rollback may happen.
    Expectations: The main scenario - flat 1.5015-1.5064. The alternative scenario - forcing down to 1.4981 Trading solutions: sales from 1.5064 to 1.5015 and possibly to 1.4981
     
Loading...

Share This Page