GBPUSD Technical Analysis and Forecast 21.04 - 28.04 : Choppy Bearish
This is interesting situation for GBPUSD now: Chinkou Span line crossed historical price on close bar for breakout but the price did not break resistance line yet (yellow color on my image). If you will open buy trade now so - first take profit level is 1.5286 and stop loss is around 1.5217
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intra-day situation
This is interesting situation for GBPUSD now: Chinkou Span line crossed historical price on close bar for breakout but the price did not break resistance line yet (yellow color on my image). If you will open buy trade now so - first take profit level is 1.5286 and stop loss is around 1.5217
Well, first take profit level was broken so if you opened buy yesterday - you made it in profit. next take profit level is 1.5328 (we can see it from the chart) here:
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Last week we had ranging market condition with bearish trend as a primary: price was inside Ichimoku cloud trying to continue primary bearish trend by crossing one of the border of Ichimoku cloud and support lines. The price was stopped near 1.5216 support line with strong bearish trend started on open bar.
The price is inside Ichimoku cloud with good bearish trend started but on open bar only. Besides, Chinkou Span line is coming close to historical price for possible crossing it from above to below. If the price will break 1.5216 and 1.5174 support lines so we may have the possibility to see good continuation of the bearish trend.
UPCOMING EVENTS (high/medium impacted news events which may be affected on GBPUSD price movement for the next week)
2013-04-22 14:00 GMT | [USD - Existing Home Sales]
2013-04-24 12:30 GMT | [USD - Durable Goods Orders]
2013-04-25 08:30 GMT | [GBP - Gross Domestic Product]
2013-04-26 12:30 GMT | [USD - Gross Domestic Product]
SUMMARY : Bearish
TREND : Choppy
Intraday Analysis
Price is very near to be crossed 1.5227 support line and 1.5219 which is the border of Ichimoku cloud and the boderder between bullish and bearish primary trend. If the price will cross those 2 support lines on close bar so we may have good bearish trend. If the price will stay inside Ichimoku cloud so risky traders can trade from inside the cloud between the border of it.