Forex Technical
GBPUSD Higher time frames confirms direction
May 3, 2010
Gary Fichardt - FxBigDog
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Chart Analysis
The GBPUSD daily is range bound and just recently coming off a morning star at the 50% of the short-term up swing. Trader are asking the question if this bearish move is just a re-test of the bullish candle formation before the move to the north.
If you look at the month chart, that clearly showed indecision in the market for month of April with a doji candle.
Following the higher time frames directional indicators is where traders will lead towards as they prepare for the the trading ahead and important number with the Non-Farm Payroll on Friday.
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Analysis
The hourly chart is showing bearish downswings coming off the intermediate swing 618 Fib level
Based on what we have seen on the higher time frames it would be safe to say that we are heading south short-term. In the long term levels at 1.5125 will need to be taken out for further dipping. Any bullish signs on the higher time frame at those lows could mean that the mid 1.5800 level is still pending to be targeted.
It is very important that trader find a technic that they are comfortable using, then be consistent in their trading .
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