Saturday, March 28, 2009

GBP-USD Technical Analysis (29 March 2009)

As always GBP-USD movement is slightly identical to EUR-USD movement but it differs in the amount of volume traded everyday. The differences of volume can be monitored on the movement of EUR-GBP pair which is directly correlated with both the pound-usd and euro-usd.

In comparison to EUR-USD the pound-dollar bearish strength is far much stronger and you can notice only minor resistance is taking place at the bottom of the falls. How deeper it will fall we do not know as nobody is taking notes statistic of the volume traded daily. However what we do know is the previous resistance level 1.3755 is already been reach. This is an important point that we should take note off as everyone is expected for a reversal.

If the pair is forcing itself further downwards beyond that resistance level, at certain points it must stop and do a quick turnaround. As it happens then you can ride of the rising waves.

Indication: Strong Bearish (Downtrend)
Indicator: MACD Monthly Time Frame
Resistance Indicator: MACD & Slow Stochastic Weekly Time Frame (Upwards Direction)

gbp-usd technical analysis monthly chart
gbp-usd technical analysis weekly chart
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