Daily Analysis: GBP/USD - 10/10/2012

The GBPUSD drop below 16066 opens up the door for a test of 15900 (38.2% retracement of rally from 15233 is at 15897, 8/23 high is at 15912), which would be expected to generate a market response. The 100% extension of the decline from the top comes in at 15970 and warrants consideration as a potential pivot as well. From a trading standpoint, today’s clean break offers a chance to be bearish on strength against 16217. 16070-16100 is resistance.

GPBUSD Daily Chart

We would like to look out for opportunities to go short at 1.6070 with target at 1.5900 and stop loss at 1.5220

Daily Analysis : GBP/USD -23 Feb 2012

Daily Analysis : GBP/USD - 10 Jan 2012

Adding more analysis to Daily Analysis : GBP/USD - 9 Jan 2012, there appears to be resistance at former support (1.5470), however,  I will continue to look to get long on shorter time frame signals with the hope that this resistance will be broken.

GBP/USD 1hour chart

Daily Analysis : GBP/USD - 9 Jan 2012

Continuing analysis further after Daily Analysis : GBP/USD - 5 Jan 2012, the price has touched strong support line and has bounced to an extent as you can see in following 2 charts

8 hour chart

Closer look at 8 hour chart.

We look to take long position based on shorter time frame. Explanation is on 1 hour chart below.

There is an alternate scenario possible as per daily chart. Explanation is on daily chart below

Daily Analysis : GBP/USD - 5 Jan 2012

On 8 hr chart, the price looks to be bouncing off upper channel line. I would like to short at opportunities on shorter time frame.