GBPUSD Technical Update – 22/10/2012 | Forex Factory

  • GBPUSD Technical Update – 22/10/2012

    From forex-fx-4x.com

    Our GBPUSD technical update on Friday afternoon highlighted the previous price support zone between 1.5970 and 1.6000 and noted that the level may well provide support again. The daily pound/dollar chart below (figure 1) shows this level has held so far this week as a base and cable bears could not push price under this area during the Asian session. GBPUSD is currently trading up 0.12% on the day at 1.6023. Intra-day price action can be seen on the 15 minute chart below (figure 2). The european session had cable well supported and peaking around the 1.6050 handle. A strong drop came after price broke the ... (full story)

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IberoForex
Oct 22, 2012 5:36pm
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I also agree! So put two lots to work. one sold when there began to be resistance. Still another is on the market, but for me, tomorrow will be under water. I'm waiting for a stronger signal. In my analysis using 4H and Day, so no rush tomorrow is another day!
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IberoForex
Oct 22, 2012 4:37pm
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I do not know if everyone has the same opinion, but I see support below 1.585550
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IberoForex
Oct 22, 2012 5:07pm
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Yes your analysis is well grounded, not so much like mine, but I still have a buy signal high close there seems too early to go now.
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fxprocessor
Oct 22, 2012 4:45pm
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Hi IberoForex. Taking a longer term view, the June/July resistance highs around 1.5780 look like a decent potential support level. This is also roughly aligned with the 50% retrace of the last major swing higher.
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Mcg
Oct 22, 2012 5:10pm
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Support level are always different for different people. I see those levels as event area and right now I see an event area between 1.5970 and 1.60. That's the reason why I agree with this article.
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Zomorito
Oct 22, 2012 6:10pm
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usd will test the support 1.6000 and breakout.this week dollar (strong) against GBP
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