Forex Technical Analysis of GBPUSD for October 05, 2015 | Forex Signals Market
Sunday, October 04, 2015

Forex Technical Analysis of GBPUSD for October 05, 2015

Support                            -   S1 : 1.5126 | S2 : 1.5069 | S3 : 1.5014
Resistance                        -   R1 : 1.5238 | R2 : 1.5294 | R3 : 1.5351
Main Trend                     -   Bearish
Intraday Trend               -   Bullish

Financial Announcements: USD - ISM Non-Manufacturing PMI

Considering all the details from the charts of forex technical analysis we can detect all critical levels and trading targets for H1 and H4 timeframes:

Forex Technical Analysis

The daily chart is extremely interesting because the price broke below the triangular formation.

The price continues to move within the upper channel of a downward Andrews Pitchfork. Located below the EMA (50) and EMA (200) which have a downward cross between them. 
Recently, the price failed to break upward the EMA (50) 4 hours chart.

Despite all the above, we think the upward effort will continue and the upside momentum will increase. The first confirmation will be the upward movement above the EMA (50) at 4hours chart.


4H Chart


The area 1.5150  – 1.5180   is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 1.5240, 1.5275, 1.5350, 1.5370, 1.5445, 1.5525.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1.5060, 1.5015, 1.4950, 1.4900.

1H Chart


The area 1.5180 – 1.5195  is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 1.5210, 1.5225, 1.5240, 1.5255, 1.5275.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1.5160, 1.5140, 1.5125, 1.5105, 1.5065.

Using the above elements of forex technical analysis, everyone can plan his own personal forex trading strategy. We note the need to use stop-loss levels.

You agree with our estimates? If you have another point of view, you can write your opinion in comments.

You can subscribe to one of the two subscription packages and take advantage of all benefits of the forex signals using one of the most sophisticated Forex Signals Copier, also from monitoring the live trading room, and of course from the full support in real time.


No comments: