Key Levels

R3: 1.5739
R2: 1.5693
R1: 1.5620
PP: 1.5573
S1: 1.5500
S2: 1.5454
S3: 1.5381
(The Key levels are based on the Pivot Points at GMT)

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Daily Outlook

The Cable is now fighting with the S1 level at 1.5500. The general trend is still bearish. All indicators are bearish.

Trading Strategy

Stand aside

Used indicators on that chart

Pivot Points

Pivot Point = previous day high - (previous day low + previous day close) / 3
Find here the IBTimesFX Pivot Point calculator

Moving Averages

200 simple, 28 exp., 18 exp. 12 linear weighted, 5 linear weighted

ADX (14)

ADX: Calculation of positive and negative directed movement (Directional Movement or DM) - +DMj and -DMj
If Highj (a maximum of a current bar)> Highj-1 (a maximum of the previous bar),
That +DMj = Highj - Highj-1, differently +DMj = 0
Find here more about the calculation of the ADX and the D+ and D-.

RSI (21)

RSI = 100 - ((100 / (1+RS))
RS = Average Gain / Average Loss
Learn more about the RSI.

MACD (12, 26, 9)

MACD is the difference between the 12 and the 26 periods moving average. The Signals Line is the 9 periods exponential Moving average. The Histogram shows the difference between the MACD and the Signal line.
Learn more about the MACD.

Disclaimer

FOREX is a market made volatile by the leverage which is offered to you. Consequently, a risk of important financial losses is always present. International Business Times provides its audience some trade ideas and analysis, but will not be responsible in case of losses. The main goal of IBTimesFX is to offer a tool allowing beginner traders to learn how to trade. Don't trade real money before you got experience on a demo account.