DecaPip Daily:10/07/2015

Introduction to DecaPip
Welcome to our newest feature; DecaPip. The concept is simple: our professional market technician, with an exceptional system, showcases his own daily Support and Resistance levels across a broad spectrum of FX currency pairs. The most effective way to use the levels are:

  • If indicated levels hold, look for the price to reverse.
  • If levels are broken, look for the price to continue past to new highs or lows.

 

In Today’s DecaPip I would like to talk about the GBPUSD and try to identify some good resistance on a potential short term Sell entry.

So far this week we have the GBPUSD making a heavy decline and the Weekly candle in particular currently looks to be making a bearish close.In overnight trading we saw the EURUSD take a bid tone toward 1.1100 and GBPUSD somewhat behind it to 1.5390.

Something I have noticed on a Friday with GBPUSD  since the Greek woes came to the forefront is that it seems to receive a Bid tone early on in London as perhaps Dealers clear there books on a Friday and also position squaring or profit taking causing some upside flows into the currency.

With this in mind and going with Bearish medium term trend Today i am looking for some quick DecaPips in the 1.5450 area if we see a move to the indicated Levels in the charts below.

1.5418 Resistance 1

1.5448 Resistance 2

1.5352 Support 1

1.5992 Support 2

Screen shot 2015-07-09 at 22.31.18

Screen shot 2015-07-09 at 22.29.04

Got any questions about our new DecaPip feature? Contact Nathan at Nathan@littlefishfx.com

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