Forex Technical Analysis of GBPUSD for August 11, 2014

Studying the charts of forex technical analysis for the exchange rate GBPUSD we recognize that the price remains weak and so far unable to proceed to a correction.

On the daily chart have broken the rising channel downward and is located between the EMA(200)and EMA(50).

In four-hour chart is observed a consolidation, significantly lower than EMA(50) and EMA(200).

On hourly chart we observe the price to move within the upper channel of the downward Andrews Pitchfork.

Applying the rules of forex technical analysis, all critical levels and trading targets for today, Monday, August 11, are as follows :

4H Chart

The area 1.6794 – 1.6810 is a neutral zone.

If price move upwards and close above the neutral zone, then our upward targets will be : 1.6850, 1.6890, 1.6925, 1.6950

If price move downward and close below the neutral zone, then our downward targets will be : 1.6725, 1.6680, 1.6630, 1.6600

1H Chart

The area 1.6775 – 1.6782 is a neutral zone.

If price move upwards and close above the neutral zone, then our upward targets will be : 1.6790, 1.6805, 1.6820, 1.6840

If price move downward and close below the neutral zone, then our downward targets will be : 1.6750, 1.6735, 1.6715

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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