Capital Trust
Capital Trust
images

Dec 21, 2014

01:09 AM EDT


  • New York close
  • London close
  • Tokyo close
  • Sydney close
Market Analysis

Home » Technical Analysis » Daily » GBP/USD Surges on After ABC Correction

GBP/USD Surges on After ABC Correction

Forex Technical Update

Previous: GBP/USD Opens up 1.59 and 1.61 with Clearance of 1.5770 (1/31)

GBP/USD

GBP/USD 2/1/2012

The GBP/USD fell in the 1/31 US session and then in the Asian session in an ABC manner. However the 1H chart shows that the decline was held above the 100 hour simple moving average as well as respect the rising trendline. RSI held above 40 reflecting maintenance of bullish momentum especially when it was brought back above 60. In the 2/1 European and now heading into the US session, the market is accelerating to the upside.

As discussed in the previous update, the move above 1.5770, as well as 1.58 opens up 1.59 and 1.61.

To gain free access to webinars to discuss risk and trade management as well as the fundamental backdrop for this pair, register at here at IBTrade.

Fan Yang CMT is the Chief Technical Strategist of IBTRADE and FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes and IBTrade will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

Share!Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+

, ,

Leave a Reply

Forex, Commodities, Indices

Face Book and Twitter Box



Follow Us

Daily Updates

Daily Updates


Get the latest fundamental analyses, technical analyses and the most up-to-date Forex news catered to your interests, everyday.

Menu