GBPUSD 25th March – Rebound After the Big Fall?

March 26th, 2013
in contributors, forex

by Nick Simpson, Forex-FX-4X

GBPUSD 25th March – Technical Analysis – 25/3/13

  • GBPUSD is trading around the 1.5260 area. This is a key technical point of interest and it marks the previous support lows as can be seen on the weekly timeframe chart below.
  • This area has potential to see an element of resistance as previous demand can sometimes turn into supply.  However, we also note the following:
    • The weekly candle from last week was a bullish engulfing, where the real body engulfed the prior week.
    • Price has now taken out the recent range resistance high which are located just under this previous demand area.
    • Cable has moved marginally above the 23.6% Fibonacci level of the last significant leg lower.

Follow up:

  • Nonetheless, we will be monitoring the price action in this area for any sign of near term weakness.
  • We also note that a strong move above this area would encourage the GBPUSD bulls and could mark a shift back into the longer term range consolidation scenario.
  • See the pound/dollar W1 and D1 charts below for reference.

gbpusd GBPUSD 25th March – Technical Analysis Update – 25/3/13

Click to enlarge

 









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