WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Technical Analysis: GBP/USD

Posted by Chris Advincula on Apr 29, 2013 2:47:00 AM

April 29 Monday 6:45 GMT

CABLE TECHNICALS: Breaks Above Daily Bollinger Band

RES 4: 1.5742/61/66 55-month MA, 55-week MA, 200-DMA
RES 3: 1.5700 Mthly Trendline Jan 2009
RES 2: 1.5606 50.0% of 1.6381-1.4832
RES 1: 1.5566/69/74/99 Channel top from Mar 12, 21-week MA, 100-DMA, 5-month MA


SUP 1: 1.5473 Hourly low
SUP 2: 1.5424 38.2% of 1.6381-1.4832
SUP 3: 1.5387 5-day moving average
SUP 4: 1.5298/5300 Apr 23 high, 21-day moving average

COMMENTARY: Cable continues to test the limits of the upper daily Bollinger as it
stretches higher towards the channel top drawn from the Mar 12 low, forms part
of initial resistance at 1.5566, just below the 21-wk MA, 100-DMA and 5-mth MA at
1.5569/74/99, respectively. Daily studies trending higher and break above here
could target the 200-DMA at 1.5761, ahead of here a former monthly support line
turned res lies at 1.5700. Bears look to return to channel base at $1.5236.

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!