Tuesday, May 19, 2009

GBP-USD Technical Analysis (19 May 2009)

trade result gbp-usdgbp-usd trade resultAs discussed earlier 13 days ago (6 May 2009) in the previous post HERE the Pound-Dollar pair should be forming the second white candlestick until the end month of May. This give us the idea for the whole picture along the month of may the pair is moving up and up. Any minor retracement will follow up by reversal upside as the the market is maintaining its position to create the while candlestick.

gbp-usd candlestick countingAs of today 19 May 2009 we are closer to the end of the month rally, the next expectation is that will the pair break the resistance level 1.5385? And if it does there is possibility that the pair might move towards 1.5729 which is 344 pips away. With 7 days we have left can this pair move up to that level at least for temporary stay ;). Let's see...

gbp-usd support resistance
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