WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Technical Analysis: GBP/USD

Posted by Chris Advincula on Apr 12, 2013 2:53:00 AM

April 12 Friday 7:00 GMT


CABLE TECHS: Key Resistance At 1.5424, Studies Overbought


RES 4: 1.5573 Low Feb 12
RES 3: 1.5531 76.4% of 1.5269-1.6381
RES 2: 1.5485 Reversal low 28 Jun 2012
RES 1: 1.5412/24 High Apr 11, 38.2% of 1.6381-1.4832


LATEST PRICE: 1.5387


SUP 1: 1.5307/38 55 and 5-day moving averages
SUP 2: 1.5198/5210/35 23.6% of 1.6381-1.4832, 21-DMA, Weekly low Jan 2012
SUP 3: 1.5105 Support line from Mar 12 low
SUP 4: 1.5022/27/34 Lower daily Bollinger band, Low Mar 20, Low Apr 4


COMMENTARY: Cable broke out of the hourly rising triangle to the upside, price
action now meets resistance around the 38.2% of 1.6381-1.4832 at 1.5424 while
daily studies continue to trend higher. A break above this key initial res would
encourage bulls to target the 38.2% of 2.1161-1.3503, key res at 1.6428 and confirm a dragonfly doji reversal pattern on the monthly chart. However, failure at 1.5424 would send the pair lower. Support at 1.5307/38, the 55 and 5-DMAs.

Market News International & WorldWideMarkets

gbp.tech.4.12 resized 600

Chart: WorldWideMarkets Flash Trader

 

Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

FAQ CenterLEARN MORE >>
Browse our frequently asked questions and find your answers right away.

VideosLEARN MORE >>
Access to the educational lessons, webinars and platform walkthroughs.

READY TO TRY THE MARKETS?

Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!