19/01/15 Bearish GBPUSD remains afloat at 1.5100 support


A bearish range for Cable continues for the week after a brief rise above 1.525 fail to sustain its rising momentum. Bearish GBPUSD remains afloat at 1.5100 support after falling towards 1.507 towards the end of the trading week.

Market price was seen falling for the last 5 weeks consecutively and ADX indicated that the market is still in a strong downtrend. Market is trading slightly below the resistance of 1.519. The market was last seen trading at this price in July 2013. If the price breaks below 1.510, we might see it trading further to the support of 1.480 where it was respected twice in 2013. Market price was seen falling for the last 5 weeks consecutively and ADX indicated that the market is still in a strong downtrend. Market is trading slightly below the resistance of 1.519. The market was last seen trading at this price in July 2013. If the price breaks below 1.510, we might see it trading further to the support of 1.480 where it was respected twice in 2013.

 

Throughout last week, the market was seen trying to break through the key resistance of 1.519.  On the 14th, the market retraced above 1.519, however it was short lived and once again respected the key resistance. On the last day of trading for the previous week, the market was supported at 1.510 and market seemed to pick up in strength.  1.510 was respected 6 times in 2013, this could be another strong support for GBPUSD. Throughout last week, the market was seen trying to break through the key resistance of 1.519. On the 14th, the market retraced above 1.519, however it was short lived and once again respected the key resistance. On the last day of trading for the previous week, the market was supported at 1.510 and market seemed to pick up in strength. 1.510 was respected 6 times in 2013, this could be another strong support for GBPUSD.

 

Stochastic on the H4 chart indicated that the market is slightly oversold and ADX shown that the market is weakening.  The lower highs and lower lows indicated that the market is still in the down trend and it is the lowest since Aug 2013. Although it is still clear that it is a downtrend, do consider the next support of 1.510 prior to trading. Stochastic on the H4 chart indicated that the market is slightly oversold and ADX shown that the market is weakening. The lower highs and lower lows indicated that the market is still in the down trend and it is the lowest since Aug 2013. Although it is still clear that it is a downtrend, do consider the next support of 1.510 prior to trading.

 

Trend Direction
 S3
S2
S1
R1
R2
 R3
 Slightly  Bearish 1.458  1.485  1.510 1.519 1.535 1.558

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