GBP/USD Gapped Out of Channel

Doug Rosen

By: Doug Rosen

The GBP/USD starts out the new day just below the daily 5 ema and price has been riding down the 5 ema almost daily I see this pair as nothing but bearish.

GBP/USD Daily 11/28/11

On the 4 hour time frame price has broken out of its channel but this was mostly a weekend gap and price has already filled the gap and looks like it could head up but the 4 hour 21 ema stands in the way and is overlapped with the monthly S1 pivot that could play out as resistance. Price gap already respected the 4 hour 21 ema twice today so I think there is a chance price may make its way back down into its channel.

GBP/USD 4 Hour 11/28/11

On the hourly time frame price is just below the 55 ema and the weekly central pivot is at 1.5556 with the 144 ema not to much higher above.

GBP/USD 1 Hour 11/28/11

On the 15 minute time frame price is just below the 233 ema at 1.5505 and I expect if price reaches that area there will be a fight and if price breaks 1.5517 I expect that it will go up until 1.5523 then bounce down and possible make a fib and head back up. I guess we will just have to see how the 4 hour 21 ema holds price down or is overcome by price action.

GBP/USD 15 Minute 11/28/11

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.

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.