Monday, February 14, 2011

GBP-USD Technical Analysis - 14 February 2011

Despite of all the technical indicators are heading upside, i still feel that the GBP-USD situation is very tricky. However let's consider that the cable pair is moving along with its indicator's signal. This chart analysis is taken from the long-term Monthly time frame chart.
  • MACD = Moving Upward - indicate strong bullish in the long run
  • Stochastic = Moving Upward - indicate strong bullish is gaining momentum
  • Chart formation = W shape or head and shoulder - indicate strong bullish
  • Oversold = The cable was oversold, which provide the need for a re-tracement at least up to 1.7500 level.
On the other hand there is still a strong indication that continuation for GBP-USD might be possible. That is my psychological point of view because the big trader might want to fool the rookie traders

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