empty
24.08.2011 03:32 PM
The Forecast for GBP/USD by the Market Profile for Wednesday, August 24, 2011

 

On Tuesday, August 23, 2011 the market profile of the British pound can be related to as the normal day.
Having strengthened considerably in the first half of the day the pound did not manage to stay near 1.6566 and started to decline gradually.
The day resulted in the Wednesday zones of the fair price to locate in the area of VAL - 1.6475 and VAH -1.6536. The point of control POC was formed near 1.6504.
Forecast for today:
During the session in Asia the British pound was trading within a narrow sideways channel.
In case the upmove continues the first resistance level will be POC of August 18 at 1.6511, from which the growth can continue to POC of April 27 - 1.6556, and then to 1.6591 - VAH from April 21.
The most conservative LONGs will be traded up to 1.6628 - VAH from April 29.
In the falling occurs again the first support level will be the area of POC from August 22 - 1.6482 which VAH of August 8 is 1.6472, then to POC of August 1 - 1.6446.
The most conservative SHORTs will be traded to POC of August 17 - 1.6425.

 

 

 

This image is no longer relevant

 

Abbreviations:
POC (Point of Control) – orange horizontal line on the chart.
The lower limit of the fair price zone - VAL – violet horizontal line on the chart which is always under POC.
The upper limit of the fair price zone - VAH – violet horizontal line on the chart which is always above POC.

 

Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Signals for GOLD (XAU/USD) for May 20-22, 2025: sell below $3,281 (20 EMA - 6/8 Murray)

In case the price drops below 3,281, the instrument is expected to fill the gap at 3,201, or conversely, a consolidation above 3,290 is expected to fill

Dimitrios Zappas 18:58 2025-05-20 UTC+2

Trading Signals for EUR/USD for May 20-22, 2025: sell below 1.1270 (200 EMA - 21 SMA)

The euro has left a gap around 1.1170. If EUR/USD falls below the 6/8 Murray level located at 1.1230, the bearish pressure could accelerate, with the price potentially covering this

Dimitrios Zappas 18:56 2025-05-20 UTC+2

Forecast for EUR/USD on May 20, 2025

On Monday, the EUR/USD pair reversed in favor of the euro and returned for the third time to the resistance zone of 1.1265–1.1282. A new rebound from this zone

Samir Klishi 11:29 2025-05-20 UTC+2

Forecast for GBP/USD on May 20, 2025

On the hourly chart, the GBP/USD pair on Monday reversed in favor of the British pound and consolidated above the resistance zone of 1.3344–1.3357, which had previously posed serious difficulties

Samir Klishi 11:22 2025-05-20 UTC+2

Forex forecast 20/05/2025: EUR/USD, AUD/USD, USD/JPY, Ethereum and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:25 2025-05-20 UTC+2

Technical Analysis of Intraday Price Movement of USD/CAD Commodity Currency Pairs, Tuesday May 20, 2025.

If we look at the 4-hour chart of the USD/CAD commodity currency pair, it appears that there is a Divergence between its price movement and the Stochastic Oscillator indicator

Arief Makmur 08:19 2025-05-20 UTC+2

Technical Analysis of Daily Price Movement Platinum Commodity Instrument, Tuesday May 20, 2025.

With the appearance of Convergence between the price movement of the Platinum commodity instrument with the Stochastic Oscillator indicator and supported by its price movement moving above the WMA (210)

Arief Makmur 08:19 2025-05-20 UTC+2

EUR/USD Forecast for May 20, 2025

Following Moody's downgrade of the U.S. credit rating from AAA to Aa1 on Friday, yesterday saw downgrades of major U.S. banks as well—Bank of America, JPMorgan, and Wells Fargo—from

Laurie Bailey 05:08 2025-05-20 UTC+2

GBP/USD Forecast for May 20, 2025

The British pound closed Monday with an 81-pip gain. The price consolidated above the 1.3311 resistance level and is now heading toward 1.3433. A breakout above this level opens

Laurie Bailey 05:08 2025-05-20 UTC+2

EUR/CAD Forecast for May 20, 2025

With a strong upward move yesterday, the EUR/CAD pair broke above both indicator lines (balance and MACD ) and the 200% Fibonacci reaction level. Today's session also opened above these

Laurie Bailey 05:08 2025-05-20 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.