Daily Analysis – 22/11/2010

ForexPros Daily Analysis November 22, 2010

Forex Analysis GBPUSD

1) Forex Trading Signal For GBPUSD

Forex Trend Analysis

The trend for GBPUSD this week seems to be bullish (UP)

Forex Technical Analysis

Weekly Chart
The price continues to make higher high which is a sign that the trend is moving up recently. There is a chance that the price will hit the 1.7700 level to fulfil its Gartley pattern run.

Daily Chart
The price forms a symmetrical triangle on this time frame. As the trend is up, there is a high chance that the price will break above the triangle.

4 Hourly Chart
On the 4 hour chart, the price continues to move within a trend channel which is a sign of consolidation after a period of upmove.

Overall Forex Analysis
I will look for LONG trade once the price breaks above the trend channel on the 4 hour chart or triangle on the daily chart.

Forex Trading analysis written by Kelvin Lee for Forexpros.

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