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Wednesday, July 31, 2013

GBP/USD TECHNICAL ANALYSIS





GBP/USD is one of the most significant pair in the forex market. It has been reversing the trend often by the economic criteria of the currencies. After the successive climb over the uptrend for the past ten days, the trend has changed made a stop to overbuy. Actually, it is hard to predict the reputed currency pair’s trend. Now USD is ready to move against the pound. 

Since this week open, dollar has been showing the trend against pound. It is accepted from the indicators behavior. The short term moving average implies the downtrend for all this week. From this downtrend, the trend is obviously running beyond the pivot point. GBP/USD touched its high resistance of 1.54239 after a month gap on last Wednesday. 

So, it will be moving down until to reach a valid support. The downtrend should reach the expected support point of 1.51209 by the market situation. The technical people highly believe it to be a downtrend because of the consecutive economic releases will give favor to the USD.

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