| Forex Technical Analysis For: GBP/USDGreat British Pound (GBP)
GBP looks to recover higher following its rejection candle last Friday. This development leaves the immediate direction North with its lower level charts (see 4 hr chart below) turning higher. On the Southside Support is at 1.5450 where a break points to 1.5400, a break there to the 1.5350, next support lies at 1.5300. Resistance is at the 1.5550, a break there points to 1.5600, a break there sees 1.5650, next resistance is at 1.5700. Overall, GBP sees a recovery higher on the correction. |
After finding a trading system that works for you, the more cryptic and esoteric fields of study can then be incorporated into your technical and trading toolbox.The bottom line when utilizing any type of analytical method,technical or otherwise, is to hold to the basics, which are methodologies with a proven track record over a long period.
Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader.
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HeffX-LTN
Paul Ebeling
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