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GBP/USD - British Pound Dollar, American Session - 03/10/08

03 Oct, 2008 @ 05:06 am ET | written by Mataf


1,7669. GBP USD is in an downtrend directed by 1H exponential moving averages. GBP USD is in a consolidation after the last bearish movement. The volatility is low. Bollinger bands are flat. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bearish configuration. The consolidation should continue. The price should continue to move in 1,7550 / 1,7850 range. If the support is broken then the target will be 1,7270 (399 pips).
We are waiting for a break of the support to take a short position.
Resistances
1,7735 - 1,7865
Supports
1,7640 - 1,7580

For more forex information, go to www.mataf.net

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