GBPUSD Technical Analysis and Forecast 14.04 - 21.04 : Bearish Rally inside Ichimoku Cloud
Just breakdown is going on for this pair H2 timeframe
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gbpusd h2 breakdown
And breakdown is going on for H4 timeframe right now:
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gbpusd breakdown
Breakdown with H4 - I am having 39 pips in profit for now:
Breakdown for H4 timeframe. But I think - it is intra-day situation as nothing changed seriously for D1 timeframe sorry:
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Last week, GBPUSD continued bear market rally breaking 1.5315 resitance level which is one of the border of Ichimoku cloud. The price was stopped inside Ichimoku cloud and below 1.5411 resistance which is indicating the ranging market condition.
Tenkan line is already crossed with Kijun for possible market reversal but the price did not break 1.5601 resistance. Thereby we will have the ranging market conditon within primary bearish. If the price will break support level of 1.5199 so we can expect good bearish which may be good for trend following systems for example.
UPCOMING EVENTS
2013-04-15 02:00 GMT | [CNY - Gross Domestic Product]
2013-04-16 08:30 GMT | [GBP - Consumer Price Index core]
2013-04-16 09:00 GMT | [EUR - German ZEW Indicator of Economic Sentiment]
2013-04-16 12:30 GMT | [USD - Consumer Price Index]
2013-04-16 13:00 GMT | [EUR - ECB President Draghi Speaks]
2013-04-17 08:30 GMT | [GBP - Claimant Count Change]
2013-04-19 06:00 GMT | [EUR - German Producer Price Index]
SUMMARY : Bearish
TREND : Ranging
IntraDay Analysis
Price is ranging between 1.5601 and 1.5199. Chinkou Span line is near historical price for possible breakdown. Besides, the price is already break the level of 1.5343 on open bar for possible short. Watch for Chinkou Span line for possible breakdown. Conclusiong: risky.