GBP/USD Heading Up

Doug Rosen

By: Doug Rosen

On the daily time frame we can see that price has recently come off a 50.0 fib to the downside, however, I see that price has made a couple higher lows and this tells me that this pair could be heading upward.

GBP/USD Daily 12/7/11

On the 4 hour time frame price has broken out of a triangle price trap as I forecasted yesterday and has headed back up to make a retest but we will need to see if price re-enters the triangle and keeps heading up or if it makes a lower low below 1.5560 Price recently touched the 55 ema overlapped with a subtle 61.8 swing fib and was immediately rejected.

GBP/USD 4 Hour 12/7/11

On the hourly time frame price has revisited the breakout point of the triangle trap it broke out of which was overlapped with the 233 ema at the same level as the 4 hour 55 ema around 1.5637 Price is currently parked on the weekly central pivot at 1.5610 and I will be watching for evidence of price either bouncing up off it or to break below it.

GBP/USD 1 Hour 12/7/11

Finally, on the 15 minute time frame price has been trending up gracefully riding its way up the ema's and has broken above the 233 ema. I am bullish above 1.5655 but if price cannot break that level I will be watching for shorts.

GBP/USD 15 minute 12/7/11

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.

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