GBP/USD Technical Analysis of November 06th, 2012 by MBCFX.com
On the short term trading : The GBP/USD is trading within an upward
flag which is a correction step after the strong bearish step, and we
expect it would continue its downward
movement , and the temporary rise of the prices is just a correction step that supports the bearish trend.
On the long term trading : we notice on
the daily chart that the GBP/USD is trading within a descending channel,
and we expect it would continue its decrease towards the support
Parabolic level of 1.5959, then to the bottom line of the descending
channel that corresponds to the Moving Average 200 at 1.5857, and this
level represents good opportunities to enter buy positions.
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