Monday, May 7, 2012

Forex Trading Signal Week #10 2012

May 7, 2012 by  
Filed under Forex Signals

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In today signal, I am giving you the analysis for GBPUSD

Forex Trend Analysis

  • Weekly Chart: Strong Bearish
  • Daily Chart: Strong Bullish
  • 4 Hourly Chart: Strong Bullish
  • Hourly Chart: Strong Bullish

As a whole, the trend for this pair is UP.

Forex Technical Analysis

Hourly Chart

The price is currently being held within a trend channel which is a sign of consolidation after a period of upward movement.

4 Hourly Chart

The price made sharp down move last week after the formation of the negative macd divergence.

Overall Forex Analysis

The price will continue to move down until it hits the 1.60796 major support level.

I will look to go LONG for this pair once it hits the major support. However if it manages to break below it, there will be more down move.

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