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Technical analysis uses past data to try to forecast the future of a currency or pair. It is visually represented in the form of graphs, charts or tables. Some examples of technical analysis are the Elliott Wave and Fibonacci.Technical
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GBP/USD Technical Analysis 10 November 2008
By: iForex.bg - 10-11-2008
2votesGBP/USD 1.5762 - 10 November
GBP/USD Open 1.5787 High 1.5876 Low 1.5543 Close 1.5638
Pound/Dollar also continued its bearish momentum on Friday. The currency pair reaching a peak at 1.5866 and closed the day at 1.5638. This morning the currency pair also made a top at 1.5876, from where it started descending. Currently the British currency is under decreasing pressure but still manages to partly follow the positive trend of the Euro. The short term model today is short with targets in the region of 1.5610. Immediate support level is 1.5535. First resistance is today's top at 1.588. The CCI indicator is about to cross up the 100 hour line on the one hour chart, so be careful for a possible upward movement.
Technical resistance levels: 1.5885 1.6010 1.6180
Technical support levels: 1.5545 1.5450 1.5335
Trading range: 1.5750 - 1.5825
Trend: Upward
Buy at 1.5762 SL 1.5732 TP 1.5812
Today we made already +60 pips profit on GBP/USD from the following signal:
5:53 GMT Sell GBP/USD at 1.5807 SL 1.5833 TP 1.5747 TP reached at 6:29 GMT
Today so far +167, on Friday +117, as shown in details at our web site.
Next Analysis: TECHNICAL COMMENTARYContent Provided by:
iForex.bg
iFOREX.bg - Forex Daily and Evening forecasts, direct real time signal recommendations for entry and exit trading positions for EUR/USD, USD/JPY, GBP/USD and USD/CHF, and forex news.
DISCLAIMER:
iFOREX Ltd. is in the business of teaching analysis of forex trends, and proposing potential trading signals - not recommendations. All statements and expressions are the opinion of the forex experts at iFOREX Ltd. and are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Our opinions are subject to change without notice. We strongly advise clients to conduct thorough research relevant to decisions and verify facts from various independent sources. The staff at iFOREX Ltd. is not to be held responsible for individual market positions, all trades that clients may take are based on their own final decisions. We do not accept any liability for any loss or damage whatsoever, that may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in the trading signals or in any accompanying chart analyses, whether communicated by word or message, typed or spoken by any of iFOREX Ltd. employees.
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