GBPUSD Forecast May 14, 2014, Technical Analysis
The GBPUSD pair broke down during the session on Tuesday, breaking the bottom of the shooting star that formed on Monday.
The GBPUSD pair broke down during the session on Tuesday, breaking the bottom of the shooting star that formed on Monday.
GBPUSD is facing the support of the lower line of the price channel on 4-hour chart.
GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.6465 (Mar 24 low), and the fall from 1.6918 is likely consolidation of the uptrend.
The GBPUSD pair fell initially during the session on Thursday, but found enough support below at the 1.68 level to push things higher inform something along the lines of a hammer.
GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.6465, the fall from 1.6820 could be treated as consolidation of the uptrend.
The GBPUSD pair fell during the bulk of the session on Thursday, but bounced enough to form a little bit of a hammer.
GBPUSD’s fall from 1.6684 extended to as low as 1.6553.
The GBP/USD pair fell during the session on Thursday, only to turn back around and form a hammer for the second day in a row.
GBP/USD is still on an uptrend, despite the sharp selloff that occurred recently.
GBPUSD is testing 1.5894 support, as long as this level holds, the price action from 1.6259 could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), and one more rise to 1.6500 area to complete to upward movement would likely be seen. On the downside, a breakdown below 1.5894 support will suggest that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone