Start Trading Now Get Started
Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Bullish Price Action Expected for GBP/USD

By Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.

By: Doug Rosen

Price has recently come off of a daily bottom noticeable on the weekly chart and it does look like price want to fib from its recent large move down. So far we are just above the 21.4 fib level but I expect price to head to at least the 38.2 fib level which is almost 200 pips above so I think this pair has a ways to go so I remain very bullish on this pair at the moment. We have broken above a descending trend line and the EUR/USD and the EUR/JPY seem to be in line with he same type of price action and these three pairs are closely correlated with each other I can only think bullish at this time for the GBP/USD. Pivot Points: Price is approaching the monthly M0 and I am sure it will be breached. Price has already busted above the weekly M3 and we are approaching the daily M3 which does overlap with the monthly M0 at around 1.5670 so that is an area I would expect some type of reaction but as bullish as this pair appears to be I expect price to continue to rise so I will take every opportunity i can to get into a bullish position. Price is beginning to catch a ride on the 4 hour ema and has bounced off of the 1 hour 21 ema and has busted the 1 hour 233 ema.

GBP/USD 4 Hour Chart 9/28/11


GBP/USD 1 Hour Chart 9/28/11

On the 15 Minute price is soaring away from the ema's. I expect soon a pullback which will be a great opportunity to get a position to the bullish move expected for this pair.

GBP/USD 15 Minute Chart 9/28/11

Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.

Most Visited Forex Broker Reviews