GBP/USD Breaks Below The First Major Support: Forex Chart Alert

June 19, 2013 11:59 pm GMT+0  in Forex Analysis


GBP/USD could not sustain above the 200-day moving average and broke that support quite strongly. We have talked about this possibility and some other supports in the previous chart alert which can be seen here and in fact we recommend to see this previous chart alert and also the one before that. Not only this but the currency pair also broke below 1.5488 support which was mentioned in the above mentioned alert.

GBP/USD’s break of 200-day moving average support

GBP/USD broke below 200 day moving average

Now the next immediate support is 55-day EMA which is currently at 1.5415. Even if this support works, we expect the 200-day moving average to work as resistance now. The current 200-day moving average  is at 1.5548. A break below this should bring further downward moves.

Please share your thoughts in the comments box below.

You may also like to see the weekly GBPUSD forecast.

Author Info

Avatar of ForexAbode.com

ForexAbode.com's analysts provide Forex market analysis based on technical, fundamental as well as psychological aspects. Apart from the daily and weekly Forex outlook posted on the respective pages, the outlook and news are also updated on the blog section. ForexAbode analysis is also featured on some of the leading financial news and analysis sites. Please use the comment form below or contact us page for any comments, suggestions or complaints. You may also write to us at contact(@)forexabode.com by removing the brackets in the email address.

Contributor Contact, Accountability and Policies

0 responses to GBP/USD Breaks Below The First Major Support: Forex Chart Alert

Leave a reply

Your email address will not be published. Required fields are marked *

1 trackback