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GBPUSD Technical Analysis and Forecast 21.04 - 28.04 : Choppy Bearish

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Sergey Golubev
Moderator
95213
Sergey Golubev  

Last week we had ranging market condition with bearish trend as a primary: price was inside Ichimoku cloud trying to continue primary bearish trend by crossing one of the border of Ichimoku cloud and support lines. The price was stopped near 1.5216 support line with strong bearish trend started on open bar.

The price is inside Ichimoku cloud with good bearish trend started but on open bar only. Besides, Chinkou Span line is coming close to historical price for possible crossing it from above to below. If the price will break 1.5216 and 1.5174 support lines so we may have the possibility to see good continuation of the bearish trend.

  • Recommendation for long: watch the price crossing 1.5411 resistance for crossing 1.5500 for possible market revesal to bullish
  • Recommendation to go short: watch the price crossing 1.5216 and 1.5174 support lines with initial stop loss as 1.5510. Stop loss value can be moved to 1.5381 in case the price will cross 1.5216 support line.
  • Trading Summary: possible short

UPCOMING EVENTS (high/medium impacted news events which may be affected on GBPUSD price movement for the next week)

2013-04-22 14:00 GMT | [USD - Existing Home Sales]

2013-04-24 12:30 GMT | [USD - Durable Goods Orders

2013-04-25 08:30 GMT | [GBP - Gross Domestic Product]  

2013-04-26 12:30 GMT | [USD - Gross Domestic Product

 

 

 

ResitanceSupport
1.53971.5222
1.54111.5216
1.55041.5174
1.5583 1.5019

 

 

SUMMARY : Bearish

TREND : Choppy

 

Intraday Analysis

 

 

Price is very near to be crossed 1.5227 support line and 1.5219 which  is the border of Ichimoku cloud and the boderder between bullish and bearish primary trend. If the price will cross those 2 support lines on close bar so we may have good bearish trend. If the price will stay inside Ichimoku cloud so risky traders can trade from inside the cloud between the border of it.

Sergey Golubev
Moderator
95213
Sergey Golubev  

This is interesting situation for GBPUSD now: Chinkou Span line crossed historical price on close bar for breakout but the price did not break resistance line yet (yellow color on my image). If you will open buy trade now so - first take profit level is 1.5286 and stop loss is around 1.5217

MetaTrader Trading Platform Screenshots

GBPUSD, H4, 2013.04.24

MetaQuotes Software Corp., MetaTrader 5, Demo

intra-day situation

GBPUSD, H4, 2013.04.24, MetaQuotes Software Corp., MetaTrader 5, Demo


Sergey Golubev
Moderator
95213
Sergey Golubev  
newdigital:

This is interesting situation for GBPUSD now: Chinkou Span line crossed historical price on close bar for breakout but the price did not break resistance line yet (yellow color on my image). If you will open buy trade now so - first take profit level is 1.5286 and stop loss is around 1.5217


Well, first take profit level was broken so if you opened buy yesterday - you made it in profit. next take profit level is 1.5328 (we can see it from the chart) here:

MetaTrader Trading Platform Screenshots

GBPUSD, H4, 2013.04.25

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd h4

GBPUSD, H4, 2013.04.25, MetaQuotes Software Corp., MetaTrader 5, Demo


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