WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Technical Analysis: GBP/USD

Posted by Chris Advincula on Apr 25, 2013 5:18:00 AM

 

April 25 Thursday 9:20 GMT

CABLE TECHNICALS: Bounces From Support - Studies Turning Higher

RES 4: 1.5557 5-month MA
RES 3: 1.5485 Reversal low 28 Jun 2012
RES 2: 1.5407/10/12/24 Upper daily Bollinger, Highs Apr 12, 11, 38.2% 1.6381-1.4832
RES 1: 1.5368/73/79 Highs Apr 19, 17 and 16

LATEST PRICE: 1.5292

SUP 1: 1.5232/65 55-DMA, 21-DMA
SUP 2: 1.5198/5204/12 23.6% $1.6381-1.4832, Apr 22 low, Supp line Mar 12 low
SUP 3: 1.5124 Lower daily Bollinger band
SUP 4: 1.5027/34 Low Mar 20, Low Apr 4

COMMENTARY: Cable inched its way higher, managing to edge above the 21-DMA, now
part of initial support at 1.5232/65, the 55 and 21-DMAs. Daily studies are
mainly flat, but slow stochastic suggests an upcoming bullish reversal while
weekly studies continue to advance higher. Initial resistance now at 1.5368/73/79, the
highs of Apr 19, 17 and 16. Above here, resistance strong seen at 1.5407/10/12/24,
the upper daily Bollinger, highs of Apr 12 and 11 and the 38.2% of 1.6381-1.4832.

Market News International & WorldWideMarkets 

 

cable.tech.4.25 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!