Technical analysis for GBPUSD on 13.09.13

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Technical analysisA long-term consolidation at 1.5820 on the GBP/USD served as a short-term correction down.

Direction

Period

Expected price dynamics

Price movement corridor

↑↓

1 day

≈135 pips

Max. 1.6000

Min. 1.5580

GBP/USD technical analysis on 13.09.13

The intermediate uptrend line of 1.5580 was crossed. The pair is now testing the strength of the support level of 1.5780; breaking this level will indicate that the GBP/USD will return to its ascending channel. In this case, the closest fall target will be set at the support level of 1.5740; then the price will be expected to fall to 1.5700 – 1.5675.

Alternative forecast

GBPUSD technical analysis on 13.09.13

Retesting a strong support level of 1.5700 can result in a bounce up to the resistance level of 1.5800.

The rise of the GBP/USD from the current levels is possible after breaching yesterday’s maximum at 1.5840. In this case, the ascending trend will continue to 1.5870 – 1.5900.

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Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.