GBPUSD approaching support at 1.5451

Written August 30, 2010 at 11:37 AM EST by  

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There is a couple of reasons for support at the 1.5451 level. One is the trendline off the lows on the hourly chart and the second is the 200 day MA at the same level off the daily chart.  A break will target the lows from last week and the 1.5321 level (see chart below).  Look for buyers against the level.  When there are a couple reasons for a level (1.5451) to be of importance and the reasons are from different charts it provides a better level to trade against.

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3 Responses to “GBPUSD approaching support at 1.5451”

  1. Troy on August 30th, 2010 4:07 pm

    Question, 200sma on my daily chart keeps coming in at 1.5287 and my 100sma is at 1.5086. I even went and reviewed how to apply MA’s. Is there something I’m missing?

    My hourly charts are spot on though.

    Thanks in advance

  2. Troy on August 30th, 2010 4:31 pm

    Please disregard previous question. I just download FXDD Meta trader, and talk about a 200 SMA difference. FXDD reads: 1.5456 Interbank FX Trader 4(which I was using) reads: 1.5285.

    Time to switch. :0)

  3. Greg Michalowski on August 30th, 2010 4:32 pm

    THe problem is probably because your broker uses an end of day that is different than 5 PM EST. This is the standard end of day for the forex market, yet some brokers will use other times like 0:00 GMT or start of trading in New zealand or some other random time. The correct end of day should be 5:00PM NYT that is when open positions are rolled over at banks and the official end of the trading day. I hope this helps Greg

    PS If you want I can help you switch your account to FXDD?

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