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07.09.2012 01:54 PM
GBP/USD Intraday Technical Analysis and Trading Recommendations for September 7, 2012

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GBP/USD Hourly chart on the basis of the Linear Regression Channels of three different time periods:

This week the GBP/USD pair expressed a strong bullish rejection towards the lower limit of the Yellow & Blue channels around 1.5835 which pushed the pair towards 1.5930 corresponding to the upper limit of the Yellow one where bearish domination was expressed failing to record a higher swing.

The GBP/USD pair has been consolidating almost sideways trapped between the price levels of 1.5850 - 1.5930 untill yesterday when the pair broke through the price level of 1.5930 reaching the upper limit of the Yellow channel at 1.5970.

The GBP/USD pair seems to be finding Intraday Resistance at the upper limit of the channel around 1.5970. That's why breakdown of the mid-line of the Yellow channel and the lower limit of the Violet one around 1.5925 opens the way directly towards the lower limit of the channels around 1.5880.

Mohamed Samy,
Analytical expert of InstaForex
© 2007-2026
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