GBP/USD Provides Bullish Signals
February 10th, 2010 Posted in Technical Analysis
Name: Anton
Email:
In the last three weeks trading, the GBP/USD experienced much bearishness, as it stands now at 1.5650. However as I demonstrate below, it seems that the pair’s bearish run may have run of steam, and a bullish correction could be underway soon. Forex traders have the opportunity to wait for the upward breach on the hourlies and go long in order to ride out the impending wave.
• Below is the daily chart of the GBP/USD currency pair.
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 1: The RSI signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
GBP/USD Daily Chart
Start trading with Anton Eljwizat now:
Tags: American dollar, dollar, Forex, forex blog, GBPUSD, MACD, Pound, RSI, Stochastic, Technical Analysis, USD
