October 15, 2008 02:36

Technical Analysis – GBP/USD Buying Support

Posted In: Technical Analysis
By:

10-15-08

2:15a GMT – GBP/USD is approaching support around 1.7370 and I’m looking for bullish candlestick confirmations in that area. GBP/USD has been in a pretty steady downtrend since late september to early October, and given the uncertainity in the markets right now surrounding the global financial bailouts, I expect the pair to range between 1.7370-1.7565 for the the week. Make sure to get confirmation on the trade to help put the odds in your favor (e.g. I like bullish candlestick confirmations on the 4H or 60M charts).

(click to enlarge)
 

Click here to receive my free forex signals via email
Click here for more info on how to use my free forex signals
Click here to learn how much you can earn with our Forex Income Calculator
Discuss this signal with me and fellow traders at the new Forex Discussion Groups

Leave A Comment
XHTML: feel free to use any of these tags.

LEGAL DISCLAIMER AND RISK WARNING

Foreign currency exchange trading is highly speculative and is suitable only for those who (a) understand and are willing to assume the risks involved, and (b) are financially able to assume significant economic losses. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Trading on margin can amplify both gains and losses in your account. Before deciding to trade foreign currencies, you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with foreign currency exchange trading and seek advice from an independent financial advisor if you have any doubts.

All contents or information displayed or contained on Piphut.com are based on a number of assumptions which may not be fully disclosed or explained. Hypothetical trading or performance has many inherent limitations, including the benefit of hindsight and the fact hypothetical trading or performance involves no economic risk. Variables such as the ability to adhere to a particular trading program despite trading losses and maintaining adequate liquidity are material considerations that can adversely affect actual trading results. No representation or warranty is being made or given that any account will or is likely to achieve profits or losses similar to those displayed on Piphut.com. There are frequently substantial differences between hypothetical performance and the actual performance subsequently achieved by a trading program. You must exercise independent judgment when making investment or trading decisions. Past performance is not indicative of future results. Please read the User Agreement and Risk Disclosure Statement for more information.