Ready to Start Trading?

Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.

Apply online

Any Questions?
Contact us:

phone: +1 849 9370815

email: sales@tradersway.com

Join Us in Just 1 Minute!

متاتریدر 4
متاتریدر 5

GBP/USD: Head and Shoulders Pattern (April 22, 2013)

A potential reversal is looming on GBP/USD as the pair formed a complex head and shoulders pattern on the 4-hour time frame. 

The pair is currently testing the neckline around the 1.5250 minor psychological support level.

Take note that this area used to be a resistance level and is currently the 50% Fibonacci retracement level, which means that it could still act as support. However, stochastic is still making its way into the oversold area, suggesting further downside price action.

20130422.gbpusd

The catalysts for today are the U.S. existing home sales and BOE MPC member Tucker’s speech. U.S. existing home sales are projected to climb from 4.98M to 5.02M in March, which might be positive for the Greenback. Meanwhile, Tucker could express support for further asset purchases, which could weigh on the pound.

A sell stop order below the 1.5200 major psychological support would be a good level to enter and a target around 1.5000 could yield a reward to risk ratio of 2:1 with a 100-pip stop. The formation is roughly 200 pips in height, which suggests the breakdown could be 200 pips in size as well.

By Kate Curtis from Trader's Way

Any Questions?
Email Us: sales@tradersway.com

bob@tradersway.com
قیمت ها
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

Stellar Lumens (XLM) now accepted for deposits and withdrawals

Trader's Way accepts Stellar Lumens (XLM) for deposits and withdrawals into all trading accounts.

Learn more

bob@tradersway.com