Adamonics
Long

The Cable Turns at the Channel: A decisive moment for GBPUSD

FX:GBPUSD   British Pound / U.S. Dollar
There has been a 12 month uptrend in the GBPUSD             . Fundamental analysis suggests strong Sterling recovery against the backdrop of a resilient service-sector biased economy.

Since September 2013 the rise has been constrained in a relatively firm channel. That said, July has been a month of cascading prices. Many attribute this to a number of negative reports. Commentators (see the related idea) have also indicated a belief that the Cable has breached a support level which will see it plummet further still, perhaps signalling a reversal.

Given the recent rise at the channel mark the pair is at a decisive point. Will it breach the potential short-term resistance level? the last few hours suggest so. I am relatively confident we will see the Long game pay out in the coming week, especially given recent negative news events focusing on the Dollar.
A closer look at the last few hours of movement as the channel turn-around conflicts with the potential new resistance level:

the prevailing 12 month+ uptrend should defeat this stalling resistance as market pressure builds and spikes.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out