GBP/USD: Trading In A Downward Channel
AvaTrade | May 16, 2013 05:11AM ET
The GBP/USD pair is trading in a downward channel on a 30 minute time frame. The trend within this channel looks as if it is becoming stronger, as the price is trying to break its 50 day (shown in green) moving average to the upside. The RSI is also showing a clear sign of deflection, which means bias could be to the upside.
Important Levels
Support Zone
1.5187-1.4168 Minor
1.5050-1.5025 Major
1.4929-1.4907 Major
1.4852-1.4830 Major
Resistance Zone
1.5330-1.5303 Minor
1.5382-1.5365 Major
1.5471-1.5432 Major
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by Naeem Aslam
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