GBP/USD Technical Analysis
/05.20.2013/ MBCFX
The GBP/USD has witnessed a slow trading on the 4 hours chart, and
this has confirmed the recover towards the 1.5209-1.5225 area, which will
represent good area to short the pair, as we expect that the general trend of
the market would remain bearish.
And this is confirmed by most of the technical indicators and the
oscillator indicators .
So we except the decrease of
the prices towards the Elliot correction
level at 1.5081, and if it breaches down this level, we may see a sharp decline
to the support level of 1.4891on the average term trading, , and this drop
will be confirmed by the moving average 200 and the MADC indicator, which give
us breach signals on the long term trading.
As for the key resistance level, it lays at 1.5265
