GBPUSD Technical Analysis Update – Weekly, Daily H4 Chart Overview – WC 11th – 15th March 2013
by Nick Simpson, Forex-FX-4X
GBPUSD Weekly Chart
A look at the pound/dollar weekly analysis chart, reveals cable is trading above the longer term 78.6% Fibonacci retrace of 1.4228 – 1.6754 following a breakout under the ascending trend line, a constructive long term technical development.- GBPUSD has now seen four consecutive weekly basis lower closes and is yet to have a significant retrace after the strong decline from 1.6347 resistance.
- Current weekly range is 313 pips, representing 155% of the average weekly range over 26-weeks.
- For an alternative view of the long term key swing levels see this chart.
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GBPUSD Daily Chart
- Our previous cable update noted that price did not manage to move as high as the key potential resistance area around 1.5250, as it hit the Fib confluence area around 1.5200 on the last swing higher.
- Price is now over 300 pips lower than this key level, nonetheless, any countertrend move higher to this technical point of interest would have our attention, with a view to looking for potential resistance.
- The near term recent swing lows are located around 1.4984 and 1.5080 respectively; these are a focus as previous support can sometimes see resistance.
- 1.5000 likewise remains as a key psychological level to be monitored on any corrective upside move.
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GBPUSD H4 Chart
- The GBPUSD H4 chart below highlights the near term upside Fibonacci confluence areas.
- We note that there is a cluster of of Fib retrace confluence around the 1.4956 – 1.4964 zone which aligns with the 6/3/13 and 7/3/13 daily candle lows.
- 50% and 61.8% retrace levels coincide around 1.4980.
- The 1.5080 area was highlighted above (D1 chart analysis) as a recent swing low, we also note this area aligns with Thursday’s high and 61.8% confluence.
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GBPUSD analysis, GBPUSD Technical report, Forex Price action 11th march – 15th march. Fibonacci strategy. Multi timeframe/Top down analysis.
