Technical analysis GBP/USD 6 February 2013

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The assumptions of the dominant view of the downtrend are confirmed. Price resumed decline, broke down the 1.5670/60 support and now it is consolidating at 1.5650/30 marks. Indicators resumed testimony about strengthening of the “bearish” sentiment, adding arguments to remain in anticipation of further price fall. If consolidating at current levels takes place, in the near future, the scenario including a reduction in the level of 1.5500/10 will be realized. However, on the way there is a serious obstacle, which can provide a long-term trend line (blue line), which dates back to May 2010, so there is reason to fear stops at 1.5550/40. Signal of reversal in the upward trend remains the same – the breakdown of the 1.6000level, but the rise of trading above 1.5900 can claim about serious change of the mood.

GBPUSD - 06.02.13

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Hello, my name is Arkady Nagiev and I’ve been working for Forex4you company since 2008. I received an economic education and worked in various sectors of former Soviet Union. After the dissolution of the USSR, I decided to engage in the banking sector. In 1994 I took "Banking" course in the Moscow International Financial and Banking School. After that, I worked in the banks of Turkmenistan and Ukraine. While working at the bank, I became interested in the foreign exchange market, which required additional knowledge and pushed me to study strategies and techniques for the analysis of foreign exchange instruments. At first, I thought that technical analysis would be enough, but I soon realized that I was wrong, and began to study fundamental analysis. I sincerely hope that my Forex reviews and financial analyses help our clients to gain a better understanding of the forex market. Good luck with your trading everyone!