By Greg Holden
– The chart below is the GBP/USD 4-hour chart by ForexYard.
– The indicators used are the Stochastic (slow) and Williams Percent Range.
– Point 1: This pair has been trading within a distinct bullish channel with clear high and low points.
It currently sits at the lower border of this channel, indicating that if nothing changes in fundamental news, this pattern will continue and the pair will experience bullishness today.
– Point 2: The Stochastic (slow) shows an impending bullish cross, which suggests that a bullish movement is on the way sometime later today.
– Point 3: The Williams Percent Range is near the -100 level which suggests that upward pressure is reaching its highest point and a correction is imminent.
It seems as if now is a good time to begin preparing for an upward movement of the GBP/USD, unless the current channel is broken. In that case, all bets are off.
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GBP/USD 4-Hour Chart
Forex Market Analysis provided by Forex Yard.
© 2006 by FxYard Ltd
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