GBPUSD 60 min. I wrote earlier today that I was looking for sell signals at my sell area at 1.4598 – 1.4618 with a Target 1 between 0.618 and 0.50 Fibonacci levels at 1.4530 and 1.4547 as GBPUSD hit a resistance at 1.4619 after it moved outside a descending price channel and as the reaction lower confirmed the market participants’ willingness to sell near the resistance.
The pair rallied to my Sell Area, then turned and has now hit the Target 1 level.
GBPUSD 240 min. In the 4h chart the pair is still inside a rising channel. Now we have price (in 15 min chart) turning higher again after it found support from my Target 1. The next significant support level is at 1.4473 which coincides with the channel low and 30 period moving average. In addition, the lower Bollinger Bands are in the proximity of this level adding to it’s relevance. The resistance levels are at 1.4639 and 1.4670.
Janne Muta
Chief Market Analyst
If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:
http://www.topforexbrokerscomparison.com
About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
“My mission is to help you to become a confident and successful trader”
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.