Forex Technical Analysis of GBPUSD for August 12, 2014

Studying the charts of Forex Technical Analysis for GBPUSD exchange rate we observe that technical view remain the same. On 4h chart price remains below EMA(50) and EMA(200) and at the upper channel of falling Andrew’s Pitchfork.

On 1h chart is very clear that price remains weak.

Applying the rules of Forex Technical Analysis we identify all the critical levels and the trading targets for today, Tuesday, August 12 which are as follows :

4H Chart

The area 1.6778 – 16789 is a neutral zone.

If price move upwards and close above the neutral zone, then our upward trading targets will be : 1.6825, 1.6850, 1.6890, 1.6925, 1.6950

If price move downward and close below the neutral zone, then our downward trading targets will be: 1.6725, 1.6700, 1.6650, 1.6600.

1H Chart

The area 1.6772 – 1.6778 is a neutral zone.

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

If price move downward and close below the neutral zone, then our downward trading targets will be: 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.

You can study the forex signals in our page on Twitter and on Facebook.

Share