Sunday, 28 February 2016

Forex Technical Analysis of GBPUSD for February 29, 2016

Support - S1 : 1.3806 | S2 : 1.3735 | S3 : 1.3617
Resistance - R1 : 1.3995 | R2 : 1.4113 | R3 : 1.4184
Main Trend - Bearish
Intraday Trend - Bearish

Studying the 4H chart of forex technical analysis for the exchange rate GBPUSD we can see that the price is moving within the upper channel of Andrew's Pitchfork and find support from the median line. Also, the price remains below EMA(50) and EMA(200).

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:

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