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Gbpusd weekly charts 4 clues

Discussion in 'Personal Trade Journals' started by kasim ijelu, Mar 11, 2012.

  1. kasim ijelu

    kasim ijelu Private, 1st Class

    Mar 11, 2009
    Likes Received:
    Clues: The Asending triangle formation of the Pound technically is a bullish Sign. However with a few bolts that need to be nailed into the euro, we should antispate a break to the the down side.

    gbpusd monthly12032012.

    A break below 1.5300 could test the psychological level of 1.5000 level before a close below that figfure could see a test of the 1.40s

    A break above the 1.6800 level which is a 50% retracement of the of the 2008 finanical crisis meltdown
    could see a test of the Upper retrracement level of 61.8% just above 1.7500 the double top at 1.6800 will play a hugh role in any upside momentum in the the pound.

    On the weekly chart, the Pound found support just above 1.5300 level which looks like an uneven head and shoulders formation. This a bearish indication, and a break of the supporting levels
    will support an out look for a stronger dollar.
    If we fail @ the support 1.5300 expect futher range trading at a rise back to the lower mids of 1.6180, the latter being the top of the ead and shoulders.

    gbpusd wkly 12032012.

    In conclusion with the bank of Engalnd supporting further QE (Quantitative easing and the International Montery Fund revising uk growth to 1.1% from 1.6%, we find it difficult to see much Upside if any
    Importantly, a sovergin downgrade of the uk could be the tipping point that sends the sterling Lower.
: gbpusd

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