GBP-USD Technical Analysis - 01 August 2010

I have done GBP-USD technical analysis last week and it seems the uptrend is still moving on without significant correction. I was expecting at to retrace at least down to 1.5467 previous support level but it didn't happen. Well anyway forex is unpredictable, the more you are so precise the more you are losing it.

This is technical analysis for the entire month of August: From technical point of view the trend is growing strong now as the MACD and Stochastic in monthly time frame have synchronized where both indicators are heading upward direction.

Daily Time Frame:
MACD: Up
Stochastic: Up
Bollinger Band: Upper band (overbought)
Summary: Possible correction might take place but you never know what the big traders think. If they choose to not to take profits the trend will continue. Just be cautious to have sell position because it's dangerous

Weekly Time Frame:
MACD: Up
Stochastic: Up
Bollinger Band: Top
Summary: Having the position on the top of the bollinger band the weekly time frame indicator also support correction for the GBP-USD. But then again its dangerous as the trend is growing stronger upward

Monthly Time Frame:
MACD: Up
Stochastic: Up
Bollinger Band: Middle
Summary: Both MACD and Stochastic Indicators have now synchronize upward direction. The power of bullish is recharging to become stronger. Standing at the middle of the bollinger band there is big room for upside until the upper band.

Fibonacci Analyis Monthly Time Frame: The most convincing uptrend indicator for GBP-USD is the fibonacci retracement. As you can see previous landing is 0% and 23.6% now it must go up to 61.8%.