Forex Technical Analysis of GBPUSD for May 18, 2015

Support                            -   S1 : 1.5684 | S2 : 1.5639 | S3 : 1.5576
Resistance                       -   R1 : 1.5791 | R2 : 1.5853 | R3 : 1.5898
Main Trend                     -   Bearish
Intraday Trend              -   Bearish

Studying the charts of forex technical analysis for the exchange rate GBPUSD we observe in the four hours chart that price is above the EMA (50) and EMA (200). Also we can see that the price moves within the lower channel of a upward Andrews Pitchfork and finds resistance from the median line. We should notice that the RSI and MACD suggest a possible decline to lower price levels. For the hourly chart we can only observe that the price has break downwards the exponentially moving average of 50 periods.

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:

4HChart

The area 1.5735 – 1.5770 is a neutral zone.

Bullish scenario : If the price move upwards and close above the neutral zone, then the upward trading targets will be : 1.5930, 1.6040, 1.6160, 1.6250.

Bearish scenario : If price move downwards and close below the neutral zone, then the downward trading targets will be : 1.5617, 1.5560, 1.5500, 1.5430, 1.5340, 1.5300.

1H Chart

The area 1.5742 – 1.5760 is a neutral zone.

Bullish scenario : If the price move upwards and close above the neutral zone, then the upward trading targets will be : 1.5808, 1.5836, 1.5850, 1.5873, 1.5900.

Bearish scenario : If price move downwards and close below the neutral zone, then the downward trading targets will be : 1.5660, 1.5600 , 1.5550, 1.5500.

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.

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