Forex Technical Analysis of GBPUSD for July 28, 2014

Studying forex technical analysis for the exchange rate GBPUSD we observe that price remains within triangular formation on monthly chart. 

On weekly chart price is exactly on median line of Andrews Pitchfork.

On daily chart price find support from EMA(50) and moves within upward channel.

On 4H chart price is below EMA(50) and EMA(200). On 1H chart is very clear the accumulation.

According to forex technical analysis we identify the critical for every timeframe :

Monthly Chart

Area 1.6360 – 1.6620 is neutral zone.

If price moves above neutral zone our trading targets will be : 1.7350, 1.7770, 1.8450.

If price decline and close below neutral zone our trading targets will be: 1.6110, 1.5750, 1.5350, 1.4750.

Weekly Chart

Area 1.6950 – 1.7020 is neutral zone.

If price moves below neutral zone our trading targets will be: 1.6750, 1.6650, 1.6500.

If price moves above neutral zone our trading targets will be: 1.7180, 1.7400, 1.7750.

Daily Chart

Area 1.7025 – 1.7070 is neutral zone.

Below neutral zone our trading targets will be: 1.6940, 1.6900, 1.6830, 1.6750.

Above neutral zone our trading targets will be: 1.7120, 1.7160, 1.7250, 1.7330.

4H Chart

Area 1.6970 – 1.6990 is neutral zone.

Above neutral zone our trading targets will be: 1.7000, 1.7030, 1.7050.

Below neutral zone our trading targets will be: 1.6930, 1.6900, 1.6870.

1H Chart

Area 1.6970 – 1.6980 is neutral zone.

If price moves above the neutral zone our trading targets will be: 1.7000, 1.7025, 1.7050.

If price moves below neutral zone our trading targets will be: 1.6940, 1.6925, 1.6900.

We note the need to use stop loss levels. After all the above informations we can design a forex trading strategy in order to follow, which will have based on forex technical analysis.

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