Home Technical Analysis GBPUSD: Indecision near important support

GBPUSD: Indecision near important support

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Updating our previous technical analysis for the GBPUSD pair (published on June 01), we see how the previous week’s candle didn’t signal a specific direction following the re-test of 23.6% Fibonacci retracement of the entire downside wave from 1.7188 to 1.4565.

GBPUSD-FXCOMMENT-08-06-2015

The GBPUSD pair has achieved a short-lived correction after testing the aforementioned support, but it is currently trading near it once again.

It is worth mentioning that, some signs on technical indicators remain negative over weekly studies, as AC, Stochastic are inching lower; whilst Vortex is presently reflecting the indecision case.

Overall, we will be watching the price actions carefully before entering the market, as we need a confirmation for resuming the bearishness started at the classical resistance zones of 1.5825.

Remember, staying aside is a position and we don’t want to be involved in selling the GBPUSD near strong support and shorts could be triggered below it.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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