WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Technical Analysis: GBP/USD

Posted by Chris Advincula on Apr 26, 2013 3:24:00 AM

April 26 Friday 7:25 GMT

CABLE TECHS: Breaks Above 38.2% - Bulls Eye Channel Top At 1.5554

RES 4: 1.5606 50.0% of 1.6381-1.4832
RES 3: 1.5579 100-day moving average
RES 2: 1.5554/57 Channel top from Mar 12, 5-month MA
RES 1: 1.5480/85 High Apr 25, Reversal low 28 Jun 2012


SUP 1: 1.5424 38.2% of 1.6381-1.4832
SUP 2: 1.5339 5-day moving average
SUP 3: 1.5284 21-day moving average
SUP 4: 1.5224/28 Channel base from Mar 12, 55-DMA

COMMENTARY: Cable burst through resistance levels to close above the 38.2% of
1.6381-1.4832 at 1.5424, now initial support. Daily studies are also turning
higher while weekly studies also rise. Monthly studies a bit bearish to flat.
Initial resistance now at 1.5480/85, the Apr 25 high and reversal low from 28
Jun 2012. A break above could target the channel top, seen at 1.5554 just below
the 5-month MA at 1.5557. Bears look to retest the 38.2% at $1.5424 as support.

Market News International & WorldWideMarkets 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.

Browse our frequently asked questions and find your answers right away.

Access to the educational lessons, webinars and platform walkthroughs.


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