GBPUSD support zone!

coronajazz · 07-05-2009, 05:57 PM

British pound has been a leader in ups and downs of the market last two months. At the beggining of this trading week GBPUSD is entering this strong support zone ranging from 1.6200 to 1.6300. for the 7th time from 10th june. Will it brake or bounce this time?

Dave_T · 07-06-2009, 03:20 AM

I'm just watching it break at the moment. My system will probably tell me to go long if it starts to head back up and test the resistance but I'm steering clear because there is a MACD divergence on the daily chart which could indicate the recent uptrend coming to an end and my conditions for a low risk long not being met.

forexer · 07-06-2009, 09:09 AM

I think it broke right? BoE mentioned QE and risk aversion led to a weaker pound and stronger dollar. TA: That zone was tested for a few times already, breaking it would be more likely than a bounce. Going short would be safer too.

Forexer

uahmed · 07-06-2009, 10:14 AM

Hello everyone,

I am going to see what price does when it retraces toward this zone then I am going to make a decision if I should short or not. Looking at the chart now i don't think price will be able to get past this resistance now because of how powerful it has been.

happy trading!

Ali

uahmed · 07-06-2009, 04:33 PM

Hello everyone,

I entered prematurely for a short. I became really excited and traded the spinning top instead of waiting for more confirmation of the support becoming resistance. I was looking at the one hour chart for this set up.

Happy trading everyone!

Ali

07-05-2009, 05:57 PM	#1 (permalink)
coronajazz Badges About Assets Join Date: Nov 2008 Location: Ohrid, Macedonia Posts: 323 InformedPoints: 440.68	GBPUSD support zone! British pound has been a leader in ups and downs of the market last two months. At the beggining of this trading week GBPUSD is entering this strong support zone ranging from 1.6200 to 1.6300. for the 7th time from 10th june. Will it brake or bounce this time? Attached Thumbnails Share This \| Last edited by coronajazz; 07-05-2009 at 06:00 PM.

07-06-2009, 09:09 AM	#3 (permalink)
forexer Badges About Assets Badges Showcase Total Awards: 1 Join Date: Jan 2009 Location: Singapore Posts: 1,413 InformedPoints: 120.96 Funds	I think it broke right? BoE mentioned QE and risk aversion led to a weaker pound and stronger dollar. TA: That zone was tested for a few times already, breaking it would be more likely than a bounce. Going short would be safer too. Forexer __________________ Time must be used Very Prudently

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07-06-2009, 03:20 AM	#2 (permalink)
Dave_T Badges About Assets Join Date: Jul 2008 Location: Spain Posts: 120 InformedPoints: 49.75	I'm just watching it break at the moment. My system will probably tell me to go long if it starts to head back up and test the resistance but I'm steering clear because there is a MACD divergence on the daily chart which could indicate the recent uptrend coming to an end and my conditions for a low risk long not being met.

07-06-2009, 10:14 AM	#4 (permalink)
uahmed Badges About Assets Join Date: Jul 2008 Location: Chicago, IL Posts: 284 InformedPoints: 50.03	Hello everyone, I am going to see what price does when it retraces toward this zone then I am going to make a decision if I should short or not. Looking at the chart now i don't think price will be able to get past this resistance now because of how powerful it has been. happy trading! Ali

07-06-2009, 04:33 PM	#5 (permalink)
uahmed Badges About Assets Join Date: Jul 2008 Location: Chicago, IL Posts: 284 InformedPoints: 50.03	Hello everyone, I entered prematurely for a short. I became really excited and traded the spinning top instead of waiting for more confirmation of the support becoming resistance. I was looking at the one hour chart for this set up. Happy trading everyone! Ali