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Monday October 25, 2010 - 09:48:59 GMT
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Forex Analysis For
GBP/USD and GBP/JPY1) Forex Trading
Signal For GBPJPYForex Trend
The overall trend for this currency pair is DOWN for the
Forex Technical Analysis
the movement last week, the GBPJPY pair continues to move within the trend
channel and in fact testing the 127.616 previous swing low.
On the 4 hourly chart, you will also see a trend channel in action.
At the time of writing this analysis, the price has fell to test the support
trend line of the trend channel.
Overall Forex Analysis
go SHORT for this pair but I have to make sure that the price successfully
broken the trend channel before considering any SHORT trade.
Levels of Support To Note
---2) Forex Trading Signal
For GBPUSDForex Trend Analysis
From the trend analysis that I
have done on several time frames, the trend for this pair is DOWN for the
Forex Technical Analysis
4 Hourly Chart
on this time frame is trying to break above the resistance trend line which is
at the same level as the Fibonacci 0.500. At the time of writing, the price has
failed to break above and instead is being repelled by the resistance trend
After testing the M4 Daily pivot for 4 times
consecutively, the price has fallen sharply showing the strength of that
resistance level. In fact, at that level, there is also a 0.500 Fibonacci
resistance which adds on to the power of that level.
I will go SHORT for this pair and the best will be after it
broke below the strong support at 1.56573.
Important Levels of Support To
analysis written by Kelvin Lee for
Trading Futures and
Options on Futures and Cash Forex
transactions involves substantial risk of
loss and may not be suitable for
all investors. You should carefully consider
whether trading is suitable for
you in light of your circumstances,
knowledge, and financial resources. You
may lose all or more of your initial
investment. Opinions, market data, and
recommendations are subject to change
at any time.
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