GBP/USD- Technical Analysis
AvaTrade | Jul 31, 2013 06:34AM ET
The GBP/USD pair has broken its upward trend line on a 30 minute time. The price is trading below the 50 day (shown in green) and the 100day (shown in yellow) moving averages which means that the bears are in control. Moreover, the price is also respecting its downward trend line and has failed so far to break this line to the upside which further confirms the above argument.
The RSI is showing a clear sign of deflection which means that the bias could be towards the upside.
Important Levels
Resistance Zones
1.5681-1.5645 Major
1.5528-1.5481 Minor
Support Zone
1.5178-.5152 Minor
1.5080-1.5044 Minor
1.4907-1.4874 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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