Forex technical analysis: GBPUSD stays contained....

Discussion in 'Technical Analysis' started by ForexLive, Oct 6, 2015.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
    Likes Received:
    There is no need to complicate things. The GBPUSD remains contained, confined, between, the 100 and 200 hour MAs (blue and green lines in the chart below) at the 1.5159 and 1.5188 levels respectively. The 50% the 6 day trading range comes in at 1.5175 between the two. UK data was weaker. US data was weaker.

    Who is going to win? We don't know. The market certainly does not know yet. If it did, there would be a break away from the neutral area the market is currently trading. Some traders are going long. Some are going short. One will eventually take more control.

    Moves outside the MAs will continue to have levels that need to be broken. On the topside, there are a number of swing highs and lows in the 1.5200-138 area. and then the highs at 1.5236-43. On the downside, the broken trend line at the 1.5142 and 1.5106 (double bottom) will be nuts to crack. At some point it will happen. The price action and tools applied to the price action will not lie. So look for breaks with momentum. We are all caught in the same boat and eventually the herd will follow the herd and trend away.

    Read full forex technical analysis here...

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