Seeking Alpha

LigaForex's  Instablog

LigaForex
Send Message
Social Trading - fun easy mobile at Liga Forex - a Revolution in Online Investing
My company:
Liga Forex
My blog:
LigaForex Blog - Revolution in Online Investing!
My book:
Forex eBook - Forex4you
  • GBP/USD: Upside Bias Despite Volatility Technical Analysis LigaForex.com 0 comments
    Jul 16, 2014 7:05 AM

    Cable had been forming a flag pattern on the 4-hour chart but then some sudden volatile price moves led to a break - first of support to the down-side and then of resistance to the upside - all in one day. That up-move has since pulled-back into the range again where it is currently consolidating.

    My expectations continue to be for a bullish continuation higher despite the strange volatile price action of the previous day, which technically speaking formed a key reversal. Because price action recovered after it broke lower and ended the day bullishly, however, I don't see the key reversal as a strong bearish signal.

    For a continuation of the trend higher, I would like to see a break above the previous day's new highs at 1.7190, with an initial target at the R1 monthly pivot situated at 1.7250.

    (click to enlarge)

    Analysis by: Liga Forex Analyst

    Themes: gbpusd, gbp/usd
Back To LigaForex's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.