Written by Bahagian Pentadbiran in
| GBP/USD: A Long Term Perspective on Monthly Chart
Sat,September 24, 2011 | Dear Fellow Trader,
Setyo here with the latest daily forex update from the FX Instructor Forex Blog.
If you have any questions about today's update - please reply to this email and I will be happy to help. | | The GBPUSD continued its bearish momentum this week, bottomed at 1.5326 and closed a little bit higher at 1.5458. We have five consecutive bearish candles on weekly chart since last week of August with over 1000 pips downside movement. From a long term perspective as you can see on my monthly chart below, price is moving inside a triangle formation indicates a consolidation phase. The lower line of the triangle which is located around 1.5000 is now being tested by the current strong bearish pressure. A clear break below the triangle and strong movement below 1.5000 could lead price to further bearish scenario testing 1.4000 area.
Please click here to see how I applied my technical studies to this pair on the monthly chart a few minutes ago. |
| I hope you enjoyed today's forex update! If you have any questions or suggestions, reply to this email - or visit me at the FX Instructor Blog. Happy Trading! | | | Analyst Profile Living in East Java, Indonesia and holding an International Relations degree, Setyo Wibowo began his forex trading career in 2000 as a market analyst, while learning to trade forex independently on his own. to learn more about Setyo Wibowo. |
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