empty
 
 
29.10.2012 11:25 AM
GBP/USD Intraday Technical Analysis and Trading Recommendations for October 29, 2012

This image is no longer relevant
This image is no longer relevant

GBP/USD expressed daily closure below the lower limit of the depicted bullish channel which extended the bearish movement towards 1.5970; a considerable support for the pair has been provided.
Last week the lower limit of the broken DAILY channel was retested around the price zone of 1.6160 - 1.6180 triggering a suggested SELL entry which hit its full target at 1.5930.
As it was expected, strong bullish rejection was expressed on testing 50% Fibonacci around 1.5930 which provided a valid low risk BUY entry.
The upper limit of the depicted 4H channel around 1.6140 (an Intraday Resistance Level) was re-tested last week showing a significant bearish price action so far. However, SELLING is risky this time due to the strong bullish rejection manifested this week. That is why a small lot SELL entry is suggested off 1.6140 with tight SL placed above 1.6180.

 

Support: 1.6060, 1.6020, 1.5960, and 1.5920.
Resistance: 1.6125, 1.6175, and 1.6260.

Mohamed Samy,
InstaForex के विश्लेषणात्मक विशेषज्ञ
© 2007-2025
Summary
Urgency
Analytic
Mohamed Samy
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    कॉन्टेस्ट में हिस्सा लें
  • चैन्सी डिपॉजिट
    $ 3,000 के साथ अपना खाता जमा करें और प्राप्त करें $6000 अधिक!
    में दिसंबर हम आकर्षित करते हैं $6000 चैंसी डिपॉज़िट में
    ट्रेडिंग अकाउंट में $ 3,000 जमा करके जीतने का अवसर प्राप्त करें इस शर्त को पूरा करके आप प्रतियोगिता में भाग ले सकते हैं
    कॉन्टेस्ट में हिस्सा लें
  • ट्रेड वाइज़, विन डिवाइस
    कम से कम $500 के साथ अपने खाते में टॉप अप करें, कॉन्टेस्ट के लिए साइन अप करें और मोबाइल डिवाइस जीतने का मौका पाएं।
    कॉन्टेस्ट में हिस्सा लें
  • 30% बोनस
    हर बार खाता टॉप अप करने पर 30% बोनस प्राप्त करें
    बोनस पायें

अनुशंसित लेख

अभी बात नहीं कर सकते?
अपना प्रश्न पूछें बातचीत.
Widget callback