Location: Home > News > 18.11.2010 - GBPUSD - Technical Analysis, D1, H4

18.11.2010 - GBPUSD - Technical Analysis, D1, H4

  • Description

Date: 2010-11-18 13:59

In reference to yesterday’s comment concerning the GBPUSD currency pair, the lower bound of the wedge formation (blue lines) as well as the lower bound of the short-term violet downward channel halted the downward movement.

In short-term, the Gartley-like pattern has been created within the violet channel with AB = CD, and D point at 70,7 Fibonacci retracement.
The first resistance is set at the upper bound of the channel. The next is located at the tops – 1,6160.
The support levels are at the Fibonacci retracements from XA.

Daniel Kostecki, Technical Analyst of Financial Markets

Disclaimer, investment risk warning
X-Trade Brokers Dom Maklerski S.A. does not take responsibility for investment decisions made under the influence of the information published on this website. more