Wednesday, July 29, 2009

GBP-USD Strong Support & Resistance

Along this week still there is no clear indication to where will the GBP-USD is heading to. Strong volatility movement along the 4 hourly time frame Bollinger band indicator making it very difficult to guess the intention of the big crowds.

Based on Daily time frame there is a likelihood, it should move down to the bottom of the bollinger band in daily time frame. From past historical analysis I have a strong opinion that it should move down to 1.6104 support level at least for this week. Then move up again to retest 1.6563 by next week.

We will see if my opinion is correct along this week.

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