MBCFX
#GBP/USD Technical Analysis for June 19th, 2012 by MBCFX.com
As we can see on the above 4 hours chart, The GBP/USD prices formed the Doji candle which is a reflected candle, and then two bearish candles appeared, this reflects the shift of the prices from an ascending trend to a descending trend.
So today we expect the GBP/USD to reach the Fibonacci 23.6 % at the 1.5625 level, and if it breach down this level, the bearish trend should continue, especially with the forming of the Double Bottom, and the next target would be towards the Fibonacci 38.2 % at the 1.5560 level, then to the Moving Average 100 at the 1.5118 level.
As for the key resistance level, it lays at $1.5693.
#GBP/USD Technical Analysis for June 19th, 2012 by MBCFX.com
As we can see on the above 4 hours chart, The GBP/USD prices formed the Doji candle which is a reflected candle, and then two bearish candles appeared, this reflects the shift of the prices from an ascending trend to a descending trend.
So today we expect the GBP/USD to reach the Fibonacci 23.6 % at the 1.5625 level, and if it breach down this level, the bearish trend should continue, especially with the forming of the Double Bottom, and the next target would be towards the Fibonacci 38.2 % at the 1.5560 level, then to the Moving Average 100 at the 1.5118 level.
As for the key resistance level, it lays at $1.5693.