Very bullish, GBP/USD on the Strong Side

Doug Rosen

By: Doug Rosen

My analysis for the EUR/GBP resulted in GBP strength and my analysis on the USD/CHF resulted in USD weakness for today only for reasons of imminent pull backs to the daily 5 ema so I start out my bias as bullish for this pair. As I start my analysis today going straight to the daily chart I see that the 5 ema is kissing the 13 and it looks as though it may very well cross the 13 ema. Stochastics has risen out of the oversold zone and has crossed upward.



Moving over to the 4 hour chart I see that price has been riding the 5 ema gracefully to the upside and the upper Bollinger Band is pointing straight up. We are above the monthly central pivot point, however, I think a pullback to the monthly central which overlaps with the 4 hour 5 could be a great spot to take a long.



Moving over to the hourly chart I see that it confirms the bullishness I have observed on the 4 hour chart. A pullback to the hourly 21 ema would be an excellent level to enter a long.



Moving over to the 15 minute chart I see that the 21 ema has been in control and that price is bouncing off the daily M4. The 5 ma is trying to cross below the 13 ema but that does not change my bullish bias for this pair. I want to see a pullback occur so that I can enter a long. A pullback down to 1.5580 would coincide with the 15 minute 55 ema overlapped with the lower Bollinger Band I see that would be an excellent area to look for a long.

Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.

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