We are in bearish mode on GBPUSD currency pair
Here is the forex forecast and technical analysis for GBPUSD currency pair December 22 2014. Below you will find illustrations and technical analysis of GBPUSD currency pairs on various time frame. We tried to graphically illustrate our forex technical analysis so that you can logically understand the significance of our technical analysis.
GBPUSD currency pair on monthly chart
On the monthly chart of GBPUSD currency pair we have drawn a down Fibonacci level from November 2007. And from there we can see that market is falling from the Fibonacci 50 level and in its way it already broke the Fibonacci 38.2 level and firmly going to touch the Fibonacci 23.6 level. Though the last few weeks this particular currency pair is ranging but we are strongly biased that this pair will go to touch the price level1.53100 in the coming months.
GBPUSD currency pair on weekly chart
On the weekly chart of GBPUSD currency pair we can see that it failed to go up and started falling. Current setup indicates a nice short entry
GBPUSD currency pair on daily chart
On the daily chart market shows a definite fall for coming weeks unless there is a big fundamental change .
GBPUSD currency pair on H4 chart
Current H4 chart show a lucrative short entry position and team YellowFX will definitely go for a short from this level till the next support that is 1.53100 level
Team YellowFX is possessing a strongly bearish sentiment on GBPUSD currency pair and Our stop loss level is above 1.56838 level and take profit level is 1.53100.