DAILY FOREX ANALYSIS 7/26/2013

PAIR: GBPUSD

TECHNICAL STUDIES: DAILY PIVOT POINTS, MOVING AVERAGES, BOLLINGER BANDS, RSI, FIBONACCI RETRACEMENT:

DAILY PIVOT POINT: Price opened 1.5388 above pivot point 1.5361.So it is bullish start.

MOVING AVERAGES(5,10,15): SMA5 1.5359, SMA10 1.5274, SMA15 1.5190. SMA 5,10& 15 are below price and are moving in upward direction. SMA10 is untested for 7 days.

MOVING AVERAGES(50,100,200): SMA50 1.5293, SMA100 1.5280 ae below price and are providing support. SMA200 1.5565 is resistance. 

BOLLINGER BANDS: Bollinger Bands are expanding , upper band is moving higher and lower band is moving lower.

RSI: RSI is at 56. 

FIBONACCI RETRACEMENT: 1.5748-1.4812. yesterday price broke 61.8% resistance and closed below it. At the moment it is below 61.8% resistance. 

BIAS: My bias is bullish today.

RISK: 61.8% fib has proved strong resistance, price has to break it to continue its upward direction.
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