WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Technical Analysis: GBP/USD

Posted by Chris Advincula on May 17, 2013 7:04:00 AM

From Market News International

May 17 Friday 11:05 GMT

 

CABLE TECHNICALS: Bears Look To Test 61.8% Level At 1.5128


RES 4: 1.5404/10/12/24 Highs Apr 12, 11, 38.2% of 1.6381-1.4832
RES 3: 1.5368/90/93 High Apr 19, Channel base from Mar 12, 21-DMA
RES 2: 1.5310/14 Former 38.2% of 1.4832-1.5606, May 10 low
RES 1: 1.5286 Hourly high

LATEST PRICE: 1.5242

SUP 1: 1.5198/5207/19 Lows May 16, 14, 50.0% of $1.4832-1.5606
SUP 2: 1.5174 Low May 15
SUP 3: 1.5128/32 61.8% of 1.4832-1.5606, Lower daily Bollinger band
SUP 4: 1.5015/25 76.4% of 1.4832-1.5606, Measured move of channel break

COMMENTARY: Cable posts a couple of sessions of recovery, but may only be a
pause on the pair's way down. Daily and monthly studies slide while weekly studies
appear likely to reverse lower. The channel break still targets a measured-move
to 1.5025 and initial support still at 1.5198 to 1.5219, the lows of May 16, 14
and the 50.0% of the move from 1.4832-1.5606. If the pair moves through this
support level we expect cable to extend losses to the 61.8% level at 1.5128.

 

cable.tech.5.17 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!