GBPUSD Review for the week 30th of March - 3rd of April 2009

Hello everybody,

The resistance levels: 1.4635; 1.4984; 1.5332.
The support levels: 1.4229; 1.4068; 1.3654.

As we can see on the picture on the Daily timeframe we have a flat between 1.3503 and 1.4984

GBPUSD, D1


On the H4 timeframe we have an up trend, but now we have it's correction because on the H1 we can see a downtrend. For the continuation of the up trend we need the break of the 1.4776 that is the maximum on H4 timeframe,


GBPUSD, H4

for this we need the change of the trend on H1, because now we have a down trend. So wen we will have something like this, we will have a chance for the up trend on the H4 to continue.

GBPUSD, H1


But if the trend up is going to change, but it's not going to break the 1.4776 maximum, and then it is going to break the minimum we will have down trend on H4 timeframe.

Take a look at the picture to understand better what I mean.

GBPUSD, H4

the images are created with Metatrader 4

Best Regards,

Anatolie