My first gbp/usd post
gbp/usd chart - 4hr timeframe - sep 30th, 2008 - 3:30am PST
Ok - here’s the gbp/usd 4-hour chart. here are my observations:
- The trend is definitely bearish
- MA crossover of 5/20 - also called donchian (used mostly in daily charts - I used it here) indicated downside
- Resistance at 1.8300 (last week’s low)
- A possible new resistance from the new high at 1.8200
- A double-bottom has been hit at 1.7950
Next possible Path - Bullish
- Will take out 1.8200 and test 8300
- Real uptrend will test 8465 - the low of the side-ways market
Next Possible path - Bearish
- Will break below 7950 and head towards 7730
- If broken at 7730 - the next bottom is at 7450 - support establish around sep 11th.
pls feel free to share your insights.
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