GBP/USD- Price Fell From Its Resistance As Predicted- What Now
AvaTrade | Sep 10, 2013 06:25AM ET
The GBP/USD pair fell from its resistance zone on a 30 minute time frame as predicted. This resistance zone was given in our analysis on the 5th of September. However, the price is trading above its upward trend line which means that the upward trend is still intact. Moreover, the pair is also trading above the 50 day (shown in green) but above 100 day (shown in yellow) moving averages which confirm that the bulls are still in control.
The pair which briefly broke the upward channel to the upside, is back inside the channel which further confirms the above argument. The RSI is trading in line with the price action which confirms that the bias could be still to the downside.
Important Zones
Resistance Zone
1.5880-1.5834 Major
1.5749- 1.5717 Minor
Support Zone
1.5462-1.5425 Minor
1.5241-1.5205 Major
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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