GBPUSD ANALYSIS 12/02/15
Long term trend: Up
Medium term trend: Down
Significant Levels: 1.5100 (Horizontal Support), 1.5420 (Horizontal Resistance), 1.5000 (Significant Round Number), 1.5320 (Price Gap), Downtrend Line
We found two downtrend lines on this chart. Currently, the price is near one of them. We could see the price move lower today, as the price reached the outer downtrend line that we found. And also, it seems that the price gap that occurred on 5th of January was recognized by the market, making it a resistance on the chart.
We are still bearish on this market. It is worth noting that the 1.5000 significant round number is a pretty solid area. The last time the price went this low was on July 2013. And after that, the price went up to 1.7000. But again, we are still bearish here for now.
Trade well.
Medium term trend: Down
Significant Levels: 1.5100 (Horizontal Support), 1.5420 (Horizontal Resistance), 1.5000 (Significant Round Number), 1.5320 (Price Gap), Downtrend Line
We found two downtrend lines on this chart. Currently, the price is near one of them. We could see the price move lower today, as the price reached the outer downtrend line that we found. And also, it seems that the price gap that occurred on 5th of January was recognized by the market, making it a resistance on the chart.
We are still bearish on this market. It is worth noting that the 1.5000 significant round number is a pretty solid area. The last time the price went this low was on July 2013. And after that, the price went up to 1.7000. But again, we are still bearish here for now.
Trade well.
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