Daily analysis from TeleTrade

GBP/USD 06/02/17

The market moved sideways throughout the morning and could not form the main trend. However, with the closing of the H4 candle yesterday under the resistance of 1.2905 and most recently H4 candlestick at 1.2875 shows that the downward pressure is gradually appearing. All upward efforts are weakening and may cause prices to plunge sharply this afternoon.

H1 - H4 charts are quite supportive for short positions in the short term and intraday. It was twice the price tested important 1.2905 yesterday and failed. At present, the candle also holds a relatively safe distance from the old peak, so expecting the down trend will be the main trend of the day with the target of 1.2800 - 1.2780.

Resistance: 1.2905 - 1.2930 - 1.2950
Support: 1.2830 - 1.2800 - 1.2780

Thanks for your post! You know, now I’m trading at TeleTrade. Hope that we trade happily together :slight_smile:

1 Like