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What will GBP/USD choose to do?

Discussion in 'Forex Discussions' started by ikonforex, Dec 23, 2010.

  1. ikonforex

    ikonforex New Member

    Dec 22, 2010
    Likes Received:
    From the daily line chart point of view, it is indicated that the GBP/USD has broken the neck part of the big one that the shoulder part linked to the head part, whose top part stayed at the high level of 1.6300. And then, the forex price broke the support line of 1.5350 points after this.

    The price maintained bearish after making the breakthrough. Once the 1.5350 points was broken further, the support line at the bottom of the chart will treat the point 1.5100 as the support.

    There is still the strong resistance nearby 1.550 under the circumstance of this kind of strong bear market.

    The suggestion that the analysts give is in the trading direction, the investors can buy in short term at the support level while in trading strategy aspect, they can refer to buy GBP on 1.538, to stop loss on 1.535 and the target is 1.545.

    Forex trend analysis based on forex analyst – You Zhou

    Edited by Sarah

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