Profile image
By FX Instructor (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Down trend in GBP/USD 4 hours chart

Friday, February 10, 2017 4:39
% of readers think this story is Fact. Add your two cents.

2-10-2017 4-11-30 PMTrend is bearish in four hours time frame. Critical resistance level is present at 1.2706 price area. As forecasted, bullish trend has finally changed into a bearish trend. In last few trading hours, price action has showed some signs of buying pressure. In my judgement, price is going to print a Bullish Wave B Zig Zag pattern in a down trend which offers a sell trading chance.

So, wait out of the market and allow the price action to first complete the Bullish Wave B Zig Zag smaller legs and then look for a possible sell trade to ride, up-coming Bearish Wave C leg.

However; a bullish break out in price action above 1.2706 critical resistance level will end the down trend. In such market scenario I might like to quit trading GBP/USD currency pair and redo 4 hours chart analysis.


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.