GBP/USD Trading

ByteJuggler · #51 (**permalink**) 06-12-2010, 00:48

Thanks.

pritam08 · #52 (**permalink**) 06-12-2010, 09:03

Quote:

Originally Posted by AshFX

As you can see on the Daily chart of GBP/USD, it's been in a downwards channel for a few days now. Price has closed at 1.5787, which actually is not only the 50% fib level, but also the fourth point of the channel that I've drawn.

Ok, so this indicates strong resistance, so you'd be forgiven for thinking price is going to continue in this channel, i.e. down.

Except take a look at the Stochastic and AC. Stochs are powerfully climbing up, and are barely half way yet. AC has been green for a couple of bars. This tells me that if price does breach the upper trendline, then it's gonna breach it bad. If that happens, be prepared for a rise beyond the 61.8 retracement level.

Thanks for the infor Ash..really appreciate it.

AshFX · #53 (**permalink**) 06-12-2010, 13:22

Right now, the resistance has held exactly to the trendline I drew – literally to the pip. When a fib and trendline confluence, you know there is gonna be some pretty strong resistance.

Sheumais · #54 (**permalink**) 06-12-2010, 18:32

Thanks for the heads-up Ash, I'll watch it with interest.

akara · #55 (**permalink**) 06-12-2010, 20:53

Welcome back Ash.

AshFX · #56 (**permalink**) 10-12-2010, 11:47

Ok, so this morning the GBP/USD hit the 61.8 fib line I said it would this week.

Now, if you look at the Stochs, they are oversold, and the AC has just turned red. Hard to see this going higher and higher next week.

Craigfx · #57 (**permalink**) 04-01-2012, 09:47

The credit crisis in the Eurozone had a negative impact on the British economy, which caused sharp declines of the pound against the USD. In the beginning of the year, the GBP approached the resistance of 1.68-1.70, which it failed to break during 2009, and started sliding from this point in the rest of the months.
In the technical aspect, the pair reached the support at 1.53 and made the "head & shoulders" pattern above it. A strong break-down of this bearish pattern might take the GBP down to the 2-years low around 1.45.

edwarddevis · #58 (**permalink**) 28-02-2012, 04:29

GBP/USD pair is suitable one, as the critical competition amongst the pair of currency is quite popular, and we can earn huge from this.

Bernard · #59 (**permalink**) 24-04-2012, 11:15

The pound is close to break the 7-months high at 1.615. if it manages to overcome this strong obstacle, we might see it around 1.64 within few weeks..