GBP/USD Forex Technical Analysis Strategy


GBP/USD Forex Technical Analysis Strategy
The GBP/USD has broken and closed below some critical support levels into last week, reaching lows of 1.5570 before stalling. This downside momentum is expected to continue next week as prices have failed at the 50% Fibonacci retracement of the daily downtrend and trendline support on the hourly charts has been removed. Bounces from here are expected to be limited but selling rallies is the preferred strategy. The critical level to watch is 1.5630 and if this resistance is broken our view turns consolidative for the short term.
GBP/USD Forex Technical Analysis Strategy

Comments

Post a Comment

Popular posts from this blog

BSkyB hopes results can outshine hacking headlines

Image
Probes into phone hacking and the legacy of a failed bid by Rupert Murdoch to seize full control look likely to overshadow a resilient set of results from satellite broadcaster BSKyB on Wednesday. BSkyB, already 39 percent-owned by Murdoch's News Corp, was dragged firmly into the centre of the hacking storm engulfing Murdoch's British newspaper business when its Sky News channel admitted last month that it hacked into emails on two occasions.





The channel said it had acted in the public interest but has been reprimanded for breaking the law by Judge Brian Leveson, who is leading an inquiry into press standards that is rocking the British establishment by delving into ties between journalists, politicians and police officers. Shares in BSkyB had been riding at their highest level in almost 10 years until revelations in July 2011 that an investigator for Murdoch's now defunct News of the World newspaper had hacked into the voicemail messages of murdered school girl Milly Dow…
Read more

Manufacturing sector expands slightly in April supported by bulging order books: HSBC PMI data

Image
The pace of growth in country's factory sector inched up in April, supported by bulging order books, but slower output growth and increasing price pressures dampened sentiment, a business survey showed on Wednesday. 

The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by Markit, rose to 54.9 in April from 54.7 in March. 

The index has remained above the 50-mark that divides growth from contraction for more than three years. 

"Activity in the manufacturing sector expanded at a slightly faster pace in April. While output growth moderated ... new orders continued to pour in, including for exports," said Leif Eskesen, chief economist for India & ASEAN at HSBC. 

The new orders sub-index rose to 61.1 in April after falling to 58.1 in March, buoyed by strong exports, but while remaining solidly above 50 the factory output index fell for the third straight month. 

However, actual industrial output data is painting a bleaker picture with India posting slug…
Read more

Breakout, Pullback, Continuation Pattern

Image
I would like to share an effective way of trading. It is simple and very profitable with excellent risk reward ratio. It is trading using Trendlines & Chart patterns. I focuses on QUALITY trades, NOT QUANTITY. Less trades but quality trades is the best way of trading.





1st: You need to identify channel.
2nd: Look for a breakout.
3rd: Look for a pullback testing the trendline.
4th: Enter the trade after the pullback, and put the stop loss 5 pips behind the pullback.
5th: Profit target – Calculate the size of the channel
Read more