GBPUSD – Market Analysis
It is always useful to keep in mind big picture. In the monthly chart you can see how GBPUSD has been moving in a trading range since 2009. Now the price is in the middle of this trading range starting the move from the low limit.
In the previous GBPUSD analysis I stated that the price was coming to long term support level and it is possible that the price starts to move up. Later Analitical Trader detected strong signal (Minor Demand) and the price turned its direction. In this chart you can see key levels in GBPUSD. Resistance and support levels are very important in trading, because by analyzing the price behavior near these levels we can predict further movement. Look how the price notices the levels. Analitical Trader detects strong or weak signals when the price comes near the resistance or support levels and helps us to understand the next move. At the moment the price is near the long term support level and again there is a strong signal in the chart. So it is possible that the price will change direction once again. Look carefully for weak signals.