GBPUSD Forecast(6-10 October 2014)

FX:GBPUSD   British Pound/U.S. Dollar
108 0 0
So, the priority we have for sell orders, but the price is at a minimum of the movement, therefore we have to wait for an upward correction for more profitable entry into the market. With a further descending movement is necessary to pay attention to the upper line of the black channel, from this line we can have a pullback even up to the upper line of the red channel with the aim of testing it in the higher Time Frames.

Some lines MAY NOT coincide in this graphic, so visit my blog to see the full forecast and download MT4 template for this graphic

Support levels located BELOW the closing price of the last week
- The upper line of the long-term black channel.

- the lower line of the blue channel of all last descending movement
-Fibonacci level 38.2 with a minimum of 2009.
-Fibonacci level 61.8 with a minimum of 2013             .
-Upper line of the brown channel

Resistance levels located ABOVE the closing price of last week:
- The price is just below the pink background channel (recent descending movement) and its possible a pull down , but still the signal is not the best, because is too close to the black channel. Returning inside this channel will indicate the possible start of an upward correction, but we are talking about buy orders.

- lower line of orange channel + lower line of the downward dotted channel

- red long term channel + upper line of pink background channel +zone: 38.2 + 61.8 Fibo
- the upper line of the blue channel.
- purple long-line + 38.2 Fibo
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