GBPUSD has recently shown a significant decline.
Currency market analysts note that GBPUSD is being traded at 1,5783 while losing 0,13% on average.
Masterforex-V Academy experts say that the currency pair has probably found its support at 1.5669, which is Wednesday’s low. At this point the closest resistance level is 1.5861 – Friday’s high.
Besides, it should be noted that GBP has consolidated its positions versus EUR and JPY. EURGBP lost 0,14%, having reached 0,8358. GBPJPY gained 0,06% on reaching 132,74.
Movement scenarios: markup. H4-H1. GBPUSD. Dec 12th 2010.
1.Upward scenario (Pic1)…
1.5755, support, is critical for this variant of movement. A breakout of it cancels the scenario.
Resistance levels:
Volatility indicator “Saks Channel”: 1.5850-15951.
Local high: 1.5861. Buy target grid of the basic indicator: 1.5924 - 1.5954 - 1.6003.
Support level: 1.5654.
Resistance level: 1.5786.
For the flattish movement scenario these levels are critical. If there is flat widening, the levels may see false breakouts. However the deviation shouldn’t exceed 161.8% - 1.5668. Therefore, in this case the price cannot come out of the buy-zone or sell-zone. The 161.8% support level inside the buy-zone and the 161.8% resistance level inside the sell-zone are critical for this scenario and cancel it once violated.
3.Downward scenario (Pic1)…
1.5818, resistance, is critical for this variant of movement. A breakout of it cancels the scenario.
Resistance levels:
Volatility indicator “Saks Channel”: 1.5748 - 1.5647.
Local low: 1.5654 (Daily). Sell target grid of the basic indicator: 1.5733 - 1.5703 - 1.5654.
Provided by the Department of mid-term trading and GTMT, Masterforex-V Academy.
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