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11.05.2012 03:43 PM
GBP/USD Intraday Technical Analysis and Linear Regression Channels for May 11, 2012

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Considering the Hourly chart of the GBP/USD currency pair:

We can see that the Linear Regression channels depicted above are contradictory as the violet & blue ones are bullish. However, the Yellow channel is bearish indicating the longer-term bearish tendency of the pair.

The Bearish Reaction towards the upper limits of the Violet, Blue & Yellow channels at 1.6180 shouldn't be ignored as it favours the bearish view for the pair.

The GBP/USD pair had a significant Intraday Support Level located around 1.6125 corresponding to the lower limit of the Violet channel & the mid-line of the Yellow one which got broken few hours ago.

Retesting of the backside of the broken Violet channel at 1.6125 will probably be a valid SELL entry with TP levels located at 1.6095,1.6065 & 1.6035.

 

SL should be located above 1.6175.

 

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Mohamed Samy,
Analytical expert of InstaForex
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