Wednesday, August 29, 2012

GBP/USD Supports and Resistances for Wednesday, 29 August, 2012

On 28th of August the British pound demonstrated a healthy deviation.

Having dropped against the dollar, the British currency then was trying to recover its positions during the Asian session. It managed to climb to week highs near 1.5837 and interrupted its 3-day fall.

At the end of the day the price was near VAL 1.5754 and VAH 1.5807. POC was in 1.5789 area.

Forecast for Today:
During the Asian session, the pound was trading in the narrow price range against the dollar.

In case of the following upward movement, the first resistance level will be at VAL of 24 August – 1.5823. From that level the growth will extend towards POC of 1.5861 and then to VAH of 24 August – 1.5897.

The most conservative longs will be up to VAL of 16 May – 1.5906.

In case of downward movement, the first support level will be placed at POC of 27 August – 1.5808. From this level the fall will extend towards yesterday’s POC of 1.5789 and then towards POC of 21 August – 1.5760, after that to POC of 16 August - 1.5737.

The most conservative shorts will be at POC of 20 August – 1.5707.

No comments: