MTI Analyst Articles

Support & Resistance

Is GBPUSD Support at 1.4782 Broken?

May 13, 2010

Gary Fichardt - FxBigDog

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Chart Analysis

Finally after a long road of indecision since Thursday last week, the market has made it's move to the south side of support at 1.4782. The question is, can the bears hold it there by the close of the day??

Even though the support is taken out in today's US trading session, we still need to hold below that key support by the close of today. If not, we could have another hammer, which in return means bullish.

Traders are focused on today's trading session close for confirmation of market direction.

Want to see this analysis in the live market?

Analysis

If the market holds above 1.4782, we could see a move to 1.5122 before heading down south. At that level we will convergence of the 618 Fib and old support with the downward trend-line all at one place, confirming strong resistance.

Any bearish candle formation once 1.5122 is hit, could be the finally confirmation before the dip to 1.3900 in the long run. what is going to be important to see today, is how the daily closes out.

All of the analysis is done using the MTI 4.0 charting software, practice these, and other great strategies for FREE, by downloading a 14 day trial of MTI 4.0 charting.

Market Forecast

	EUR/USD	GBP/USD	USD/JPY	USD/CHF	USD/CAD	AUD/USD	NZD/USD
Resistance 3	1.3816	1.6456	98.89	1.1603	1.0994	1.0000	0.7522
Resistance 2	1.3694	1.5816	97.81	1.1421	1.0871	0.9855	0.7442
Resistance 1	1.3358	1.5523	94.78	1.1267	1.0779	0.9385	0.7324
Current Price	1.2744	1.4705	92.80	1.1147	1.0174	0.8968	0.7153
Support 1	1.2457	1.4782	91.55	1.0723	0.9930	0.8706	0.6963
Support 2	1.2336	1.4476	88.14	1.0504	0.9814	0.8577	0.6853
Support 3	1.1612	1.4396	84.79	1.0132	0.9702	0.8156	0.6807