Cable continues it’s move lower towards 1.4900

This is an update to my earlier GBP/USD post today. Taking advantage of the 1.5000 breakdown can be taken now on shorter-term time frames like the 15-minute. This way if the 1.4900 level is stacked with buying support the 15-minute is a short enough time frame that adjustments can be taken quickly. The market cycle is still in a downtrend with resistance also at the 1.4950 major psychological level.

GBP/USD 2 hours

Summary
Target Level 1.491239
Target Period 2 hours
Stop Level 1.4965

Analysis
Triangle has broken through the support line at 30-Jun 19:45 GMT. Possible bearish price movement forecast for the next 2 hours towards 1.491239

Supporting Indicators
Downward sloping Moving Average

Resistance Levels
(D) 1.5068 Last resistance turning point of Channel Down.
(A) 1.4965 Last resistance turning point of Triangle.

gbpusd.png

Chart date range 29-Jun 10:30 GMT-> 30-Jun 19:45 GMT
Data Interval 15 Minutes

  • rahul2010

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  • rahul2010

    Who are the best forex players around?