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GBP/USD Moves To The Upside Expected

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

Starting off with the weekly chart it appears that the GBP has picked up strength and the stochastic is in the overbought zone trying to cross up.

 GBP/USD 4hour Analysis, October 21, 2011

On the daily chart price is riding the 5 ema and the upper Bollinger band is pointing up.  On the 4 hour chart price is coming off the 21 ema and bouncing up just a bit.

 GBP/USD 1hour Analysis, October 21, 2011

On the hourly chart price is bouncing off the fib level between the 38.2 and 50.0 which overlaps with the hourly 55 ema and daily central pivot point.

 GBP/USD 15min Analysis, October 21, 2011

Finally, on the 15 minute chart the stochastic is in the overbought zone pointing up.  I expect this pair to be bullish today.

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.

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