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Tuesday, March 6, 2012

GBP/USD Intraday Technical Analysis [ Linear Regression Channels ] for March 6, 2012


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During the past few hours, the GBP/USD  pair was testing its resistance level located around 1.5870 with early signs of bearish mood.
This resistance level 1.5870 is corresponding to the upper limit of both Blue & Yellow channels.
Now the pair is going to test the intraday support level 1.5844 corresponding to the lower limit of the violet channel. In case this level is broken down,  the pair will resume the bearish movement within the blue channel towards 1.5810 and futher towards 1.5770.
The breakdown of the 1.5870 level will allow the GBP/USD pir to resume the  bullish movement within the violet channel towards 1.5910.
The area 1.5910-1.5925 is considered as a resistance leel for the pair as corresponds to the upper limit of the violet channel.

 
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