GBPUSD Is Facing Trend Line Support

GBP USD is facing the support of the upward trend line on 4-hour chart, a clear break below the trend line support will suggest that the upward movement from 1.4831 had completed at 1.5411 already, then the following downward move could bring price to 1.4500 zone. On the upside, as long as the trend line support holds, the uptrend could be expected to resume, and one more rise towards 1.5600 is still possible. Resistance is at 1.5335, a break above this level could signal resumption of the uptrend.

Euro Dollar / British Pound appears to be locked in a trading range bounded by upside resistance and downside support.  The most recently confirmed upside resistance level for Euro Dollar / British Pound is around 0.87.   A break above this level would be a bullish sign.  The most recently confirmed downside support level for Euro Dollar / British Pound is around 0.80.  A break below this level would be a bearish sign.

EUR/GBP close with a Daily black body yesterday. For the past 10 Daily candlestick bars as of 24/04/2013, there are 5 white candles versus 5 black candles.For the past 50 Daily candlestick bars as of 24/04/2013, there are 26 white candles versus 24 black candles with a net of 2 white candles.

Three Daily black candles has formed during the last three Daily bars. Although these candles were not big enough to createthree Daily black crows, the steady downward pattern is bearish.

SAR genrated a Sell signal 4 days ago.

The close is currently

ABOVE its 200 daily moving average

BELOW its 50 daily moving average

BELOW its 20 daily moving average

The current market condition for Euro Dollar / British Pound is Mildly Bullish

Euro Dollar / British Pound is long term Bullish as the 144 days moving average of 0.84 is increasing. The Relative Strength Index is at 47.03 in the neutral territory. The Relative Momentum Index is at 50.74 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at -0.00, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 1.79. This value is in the oversold territory.