Forex Bio

Technical Analysis for GBPUSD 25 March 2010

GBPUSD Forecast: The GBPUSD had a significant bearish momentum yesterday. On daily chart below we can see that price is now struggling around the major trendline support indicating critical technical phase. Clear break below the trendline support should trigger further bearish scenario targeting 1.4500 region. Immediate resistance at 1.4950. Break above that area could trigger further upside correction testing 1.5000/50 area. Initial support at 1.4840/50 area. Break below that area confirms...

Technical Analysis for GBPUSD Daily Forecast: February 25

GBPUSD Forecast: The GBPUSD was indecisive yesterday. The nearest bias is neutral but the main scenario remains bearish as price still move convincingly inside the bearish channel at least testing 1.5347 before targeting 1.5250 area. Immediate resistance at 1.5450/70 area. Break above that area could trigger further bullish correction testing the upper line of the bearish channel. I still prefer a bearish scenario with sell on rallies strategy at this...

Technical Analysis for GBPUSD Daily Forecast: February 23

GBPUSD Forecast: The GBPUSD also didn’t make significant movement yesterday. The main trend should remains bearish and I still prefer a bearish scenario but as you can see on my h4 chart below price has violated the minor bearish channel indicating potential upside correction testing 1.5560 area. Consistent move above that area should trigger further upside correction 1.5650 region. The bias is neutral in nearest term. Immediate support at 1.5429 area (yesterday’s low). Break below that...

Technical Analysis for GBPUSD 17 Feb 2010

GBPUSD Forecast: The GBPUSD breakout above my triangle yesterday, topped at 1.5794 and closed at 1.5787. I think we are now entering bullish correction phase but we need a consistent move above 1.5800 area to continue the bullish momentum targeting 1.5925 area before testing 1.6060. Immediate support at 1.5730/00 area. Break below that area could be a serious threat to the bullish correction scenario re-testing 1.5560/30 key support...

Technical Analysis for GBPUSD 18 January 2010

GBPUSD Forecast: My technical strategy to short near the trendline resistance worked perfectly on Friday as price had a bearish momentum, bottomed at 1.6213 and closed at 1.6257. Although the current bias is more to the downside, I think the bearish scenario is not confirmed yet, not until we have a convincing movement below 1.6250 area, targeting 1.6040 area. The trendline resistance area remains a good place for a short position with tight stop loss above it. Immediate resistance at 1.6330....

Technical Analysis for GBPUSD 08 January 2010

GBPUSD Forecast: The GBPUSD had a bearish momentum yesterday. On h4 chart below we can see that the triangle has been violated to the downside indicating potential further bearish pressure with technical target remains at 1.5832 in nearest term. Key resistance level remains at 1.6040/60 area. Only consistent move above that area should be seen as a threat to the bearish outlook. On fundamental side, We will have US NFP and unemployment rate today. US NFP is expected around 20.2K while...