Sunday, July 25, 2010

GBP-USD Technical Analysis - 25 July 2010

The bullish prospect of GBP-USD is very convincing with all technical indicators heading upward direction, there is almost a definite 99% that the pair will be going up for a long long time. This forecast is based on all the technical indicators that support bullish trend.

Daily Time Frame:
MACD = UP
Stochastic = Down
Bollinger Band = Top
Summary: Bullish direction but may retrace each time it reaching the upper line of the bollinger band

Weekly Time Frame:
MACD = UP
Stochastic = UP
Bollinger Band = Top
Summary = A significant bullish indication that might cause the band to break-out upwards direction

Monthly Time Frame:
MACD = UP
Stochastic = Down
Bollinger Band = Middle
Summary = A strong indication that the GBP-USD still have a big room for bullish to dominate. Most possible target 1.6689 in the longer term.

Fibonacci Monthly Time Frame:
  • This is the most convincing technical indicators to support all the rest that the bullish trend is initiating for long journey upwards direction. Currently standing at 50% Fibonacci re-tracement the cable pair is poised to target 61.8% and that is almost definite to happen.
Next week economic data support mostly the Euro Zone including the Britain. Therefore bullish trend is 99% definitely is charging.

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