Technical analysis of GBP/ USD dated 11.10.2012
The price of GBP/ USD dated 21.09.2012 on the level of 1.63083 stopped ascending by making three peak prices and started a downfall. Right now the price ascends by making and recording the bottom price on the level of 1.59759. In daily time frame this currency pair on the 10th day by the formation of candle with small body and long shadows shows the preparation of market for changing of trend direction.In 4H time frame as it is obvious in the picture below , there is AB=CD harmonic pattern with the 61.8 and 161.8 ratio which the D point in this pattern shows the completion and warns the ascend of price.RSE indicator is in divergence mode with the price and shows the possibility of ascending of price. Generally until the bottom price of 1.59759 is preserved, the price has the potential to ascend.