ActionForex.com
Sep 21 04:04 GMT

Sponsors

Forex Expos

GBP/USD Retreats from March High; Suggests False Breakout Scenario Print E-mail
Daily Forex Technicals | Written by FXTimes | Apr 02 13 13:44 GMT

GBP/USD Retreats from March High; Suggests False Breakout Scenario

Trendline break: To start the week, GBP/USD looked like it was about to confirm a break above a falling trendline. However, when it got to last week’s and the March high of 1.5259 it retreated, making the case for a false breakout to the upside, which could also suggest bearish continuation. Price action is already focusing on some recent lows around 1.51, a break and hold below which could turn the bias back to the downside.

Targets: Clearing 1.5025 would open up the 1.4830 low. In this scenario, we would either be in a medium term (month or 2 long) consolidation, or we could be in a bearish continuation if price extends below 1.4830. At this point, holding above 1.51 and pushing above 1.5260 would be needed to reintroduce the bullish outlook, which has 1.5320 resistance pivot and then 1.5422, 38.2% retracement in sight.

 

About the Author

FXTimes

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.

FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analyses.

Latest in Technical Analysis

Facebook MySpace Twitter Digg Delicious Google Bookmarks 

Analysis Reports

Central Bank Analysis
Economic Data Reviews
Technical Analysis

Forex Brokers

ActionForex.com © 2014 All rights reserved.