Technical analysis GBP/USD 8 February 2013


The assumptions of the last comment that short-term growth rates observed in the correction may last above still applies. Price remained to consolidate the achieved highs yesterday and now it is at 1.5750/40. This situation greatly increases the likelihood of recovery of trades mentioned earlier 1.5800/10 level and even higher to 1.5830/40. Turn up on the indicators R% MACD adds some confidence in this scenario. However, even if this occurs, the medium-term expectations will still be on the side of a trend decline, whose objectives previously identified on the 1.5550/40 levels and further to 1.5500/10. Signal a reversal in the upward trend remains the same – the breakdown of  the 1.6000 level.

GBP/USD - 08.02.13


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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!