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GBP/USD - British Pound Dollar, European Session - 08/10/08

07 Oct, 2008 @ 10:57 pm ET | written by Mataf


1,7460. 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 decreases. Bollinger bands are flat. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. The price should find a support above 1,7340 (120 pips). The consolidation should continue. If the support is broken then the target will be 1,7000 (460 pips).
We are waiting for a break of the support to take a short position.
Resistances
1,7565 - 1,7630
Supports
1,7430 - 1,7340

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

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