My purpose to is to analyze market mostly on Technical Analyze on 30min , 1H & 4H charts.
I focus on the GBPUSD currency pair to trade with the next weak beginning. I just draw 2 Support & Resistant Level As below
image 01 ( Support & Resistant Levels )
Image 02 ( Zoom View on Image 01 )
Question 01.
Is this support & resistant levels suitable for my trading ( According to my targeted time frames ) And are they correct. I want support from experience traders.
I take attention on news releases and it shows that GBP will take strength against USD till Tuesday Evening ( As my county time )
Image 03 ( News Event - From ForexFactory )
Then I will keep my eye with this GBPUSD cross and then I am feeling that my support levels will turn to resistant. ( According to forecasted news )
Qustion 02.
I just looked at COT report and I have no big idea about it. Can you give some review with that. Is it also showing bullish trend is going to happen on next weak for GBP.
Image 04 ( COT Report - 24/04/2015 )
Please give me your valuable ideas.
Thank You.
Indika Kumara