Short term (Intraday)

1,7592. GBPUSD currency pair is in an downtrend directed by 1H exponential moving averages. GBPUSD is in a consolidation after the last bearish movement. The price is just above 1,7550 support. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Trend Indicator) is in a bearish configuration. 4H ForexSto (Modified Stochastic) indicate a bearish pressure on GBPUSD. The price should find a support above 1,7550 (42 pips). If the support is broken then the target will be 1,7280 (312 pips).

We are waiting for a break of the support to take a short position.

Resistances 1,7650 – 1,7705
Supports 1,7550 – 1,7425

This entry was posted on Monday, October 6th, 2008 at 2:49 pm and is filed under Currency, Forex, Forex Calendar, Forex Income, Forex Indicator, Forex Info, Forex News, Forex Signal. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.