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10/03/15 GBPUSD retraces back to 1.51 yesterday after plunging from 1.55

10/03/15 GBPUSD retraces back to 1.51 yesterday after plunging from 1.55

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

GBPUSD retraces back to 1.51 yesterday after plunging from 1.55. Yesterday’s rise in prices were merely the result of profit-taking in the market as prices draw near 1.5000, a key support price level. Bearish momentum of the pair continue to remain strong and candles are expected to test 1.5000 again this week. Given the strong Dollar after last week’s Non-Farm Employment Change data last week, the pair is expected to continue on the bearish run at least till 1.5000. However, candles failed to hold below 1.5000 during January and should candles once again fail to hold below that key support price, a double bottom formation may be formed and we can see the possible start of an uptrend.

 

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

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Observing the H4 chart, candles found resistance on the trend line connecting the lows of the bearish run. Candles have given a signal of a continuation of the downtrend and prices are expected to fall. The nearest supports lie at 1.5035 and 1.5000 respectively.

 

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

Focusing on the H1 chart, candles found resistance not only at the trend line, they also found support at Fibonacci Expansion 200.0% at 1.5134. Candles have closed below 20 SMA, indicating the continuation of the falling trend. It is possible to engage in a shorting position should prices continue to hold below 1.51 with profit-taking levels at 1.5035 and 1.5000 respectively.

 

Trend Direction
 S3
S2
S1
R1
R2
 R3
Bearish 1.4950 1.5000 1.5035 1.5100 1.5200  1.5345    

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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