Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.
The Gbpusd monthly chart below shows the pair precariously perched atop a support line at 1.5490 which stretches back all the way from its 1985 lows. The daily timeframe, however, also presents a critical resistance area at 1.5650 (marked by horizontal line on daily chart). This resistance is the result of the broken support at that level, and today, the 5th day being tested the resistance is still seen holding. Looking to the upside, a breach of this daily resistance could open the way for a test of the next major resistance level at 1.5780, at the underside of a resistance trendline. Needless to say, a breach of the monthly support might be difficult for the bears to successfully accomplish, but should this take place, the double bottoms at 1.4300s would be next in line as major support, after 1.5360 on the weekly timeframe.
Please also share your own points of view of this pair. I’d love to hear other opinions!
This is my last post on the Eurusd: http://winnersedgetrading.com/technical-analysis-trading-opportunities-3/
Thanks a lot for reading. Wishing you safe trading and a restful weekend 🙂
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