GBP/USD Testing Resistance at 1.5200

After moving lower withing the Falling Wedge pattern and reaching support the support target along 1.4948. The GBP/USD has rallied and broken the resistance at 1.5085.

7-13-2010 gbpusd 2.png
Chart date range 06-Jul 18:00 GMT-> 13-Jul 07:00 GMT
Data Interval Hour

Summary
Target Level 1.4948
Target Period 6 hours
Stop Level 1.5085

Analysis
Falling Wedge identified at 12-Jul 23:00 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.4948.

Supporting Indicators
Downward sloping Moving Average

Resistance Levels
(B) 1.5085 Last resistance turning point of Falling Wedge.

Support Levels
(A) 1.4948 Last support turning point of Falling Wedge.

Now prices are pushing the resistance up against 1.5191 and the major psychological level at 1.5200. The current high is 1.5204. Because of the “00” break, look for support now between 1.5090 and 1.5095 if the bulls are going to press higher.

7-13-2010 gbpusd.png
Chart date range 07-Jul 04:30 GMT-> 13-Jul 22:30 GMT
Data Interval 15 Minutes

Summary
Target Level 1.5191
Target Period 1 hour
Stop Level 1.5151

Analysis
Rising Wedge identified at 13-Jul 19:30 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 1.5191.

Supporting Indicators
Upward sloping Moving Average

Resistance Levels
(B) 1.5191 Last resistance turning point of Rising Wedge.

Support Levels
(A) 1.5151 Last support turning point of Rising Wedge.
(E) 1.4948 Last support turning point of Falling Wedge.

  • bulleleven

    Both currencies are in trouble fundamentally, I guess its a matter of which is worse.

  • bulleleven

    Both currencies are in trouble fundamentally, I guess its a matter of which is worse.