Thursday, May 12, 2016

Forex technical analysis: GBPUSD breaks above a cluster of resistance

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Lots of resistance broken

The GBPUSD the has moved above a cluster of resistance at the 1.4490-95 area ( 200 hour moving average, 100 bar moving average on the four-hour chart, trendline resistance) and has scooted higher. The pairs is making new week highs and tests the 38.2% retracement at 1.45248. The high from Friday's trade comes in at 1.4542. The 50% comes in at 1.45714.


Below is a quick 20-second video.

GBPUSD moving above cluster of resistance. pic.twitter.com/KTOKIwULAV[1]

- Greg Michalowski (@gregmikeFX) May 12, 2016[2]

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



References

  1. ^ pic.twitter.com/KTOKIwULAV (t.co)
  2. ^ May 12, 2016 (twitter.com)

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