GBP/USD Daily Outlook

By ExnessDec 22, 2008 07:00PM ET

www.investing.com/analysis/market-analysis/gbp%252Fusd-daily-outlook-15300

GBP/USD Daily Outlook

By Exness | Dec 22, 2008 07:00PM ET

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GBP/USD continues to form consolidation after strong fall from 2.1161 to 1.4469.
According to daily chart, the retreat to 1/5531-1.4469 trading range indicates that there can be “bullish trap”. It will be confirmed if the currency pair breaks lower boundary of this trading range. In this case we should expect further decline to 1.4321 with further target at 1.4175.

The combination of candlesticks has formed “evening star” on daily chart which is the signal to downward movement. But RSI (14) on daily and weekly charts suggests that divergence has formed and upside could be expected soon. Formerly formed ascending triangle on H4 chart could drop such a hint too. In case of successful break of 1.5720 resistance level and further rise to 1.5884 with target at 1.6201 will suggest that strong decline from 2.1161 has been completed.

Medium term perspective suggests that GBP/USD’s movement will be bearish until 1.6746 resistance level is broken and we should expect further decline to a new low.

Support levels: 1.4679, 1.4469, 1.4321
Resistance levels: 1.5243, 1.5720, 1.5880

Alexander Kovalchuk, senior analyst of EXNESS

Disclaimer: Trading in FOREX is highly risky. Execution of transactions with financial instruments may entail uncontrolled losses

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GBP/USD Daily Outlook

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