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Free Forex Trading Signals GBPUSD, GBPJPY -December 2013

Forex Market is on the Move -TCI Forex Trading Signals GBPUSD and GBPJPY

Free Forex Trading Signals -November

As concerns the last couple of weeks, volatility in the Foreign Exchange Market is skyrocketing. This can not be considered as an abnormal phenomenon, given that we are entering the last month of the year, December, which has been proven considerably volatile month in the past decade. Currently, the Forex Market is witnessing very strong and very long trends, and the British Pound (GBP) leads the way. Especially as concerns GBPAUD and GBPJPY, the British Pound seems that easily broke every major resistance level of the recent years. Before we investigate more the current trends in the Foreign Market, letís evaluate our last trading signal on EURUSD.

Trading Centerís Previous Forex Trading Signal

It has been a while since our last Forex Trading Signal. By that time, we have indicated that EURUSD is trading bullish and that will probably reach a new high. That actually happened, but not exactly in the time frame that we have set. There were two reasons for that delay. Firstly, the ECB decision to lower Euro interest rates to 0.25%, and secondly the downgrade of the French Economy Credibility, from AAA to AA (Standard & Poorís).

Ľ The Full EURUSD signal is found here

Current Forex Trends -What Happens Next

We are going to investigate what happens next regarding two great movers of the current market, GBPUSD and GBPJPY. The British Pound has been a clear protagonist recently,

1.†British Pound against the US Dollar -GBP/USD

The British Pound has shown an incredible strength the past couple of weeks, especially as concerns GBPAUD and GBPJPY, but other crosses too. Here is the analysis of GBPUSD.

?†Currently 1.63648

?†TCI Suggestion: Hold / Sell

?†GBPUSD Analysis using TCI

TCI indications regarding GBPUSD for the upcoming weeks are presented in the following table:

Table: GBP/USD TCI Indications

DATE

CLOSE

VOLUME

CHANGE (%)

TCI

ANALYSIS

2013.11.15

1.61161

57356

0.32%

0.60%

2013.11.18

1.61086

52844

-0.05%

0.43%

2013.11.19

1.61188

61402

0.06%

0.82%

2013.11.20

1.61028

77140

-0.10%

1.11%

2013.11.21

1.61965

73478

0.58%

1.74%

2013.11.22

1.62239

59698

0.17%

2.06%

2013.11.25

1.61538

54196

-0.43%

1.62%

2013.11.26

1.62137

55114

0.37%

2.18%

2013.11.27

1.62847

64472

0.44%

3.18%

2013.11.28

1.63407

52901

0.34%

3.57%

2013.11.29

1.63648

71565

0.15%

3.69%

+1 Trading Day

4.05%

Regional High

+2 Trading Days

2.89%

Possible Correction

+3

2.51%

+4

2.50%

+5

1.94%

Regional Low

+6

2.31%

+7

2.03%

+8

2.29%

+9

2.01%

+10

2.02%

+11

2.13%

+12

2.11%

+13

2.00%

+14

2.48%

Regional High

+15

2.08%

+16

1.72%

According to TCI, GBPUSD moves in a clear bullish channel of an unknown duration. The TCI indication of +4.05% found in the next Trading Day (+1) is a clear Overbought TCI Level but it can not be consider as an absolutely excessive indication. On the contrary, GBP against AUD and JPY is trading in excessive and overbought TCI levels, and that detail may play a role as concerns other GBP crosses.

Note: As concerns the past 3-4 years the maximum indication of TCI regarding GBPUSD was +6.8%.

Two Scenarios regarding GBPUSD

In the case of the optimistic scenario, the final target of GBPUSD is set at 1.6900-17000. In the case of the pessimistic scenario, GBPUSD will probably move to even 1.5900. At these levels (1.5900), there is strong support for GBPUSD.

?†GBPUSD Targeted Levels

? Strong Resistance Level:

1.6590-1.6613 and after 1.6715 and finally 1.6900 and 1.7005

? Strong Support Levels:

1.6260, and after 1.5930

Ľ Statistical Information about GBPUSD

Here is the historic chart regarding GBPUSD (MT4).

GBPUSD FREE FOREX TRADING SIGNALS


2. British Pound against the Japanese Yen -GBP/JPY

The British Pound has made a considerable move against the Japanese Yen.

? Currently 167.591

? TCI Suggestion: Sell

?†GBPJPY Analysis using TCI

TCI indications regarding GBPJPY for the upcoming weeks are presented below.

Table: GBP/USD TCI Indications

DATE

CLOSE

VOLUME

CHANGE (%)

TCI

ANALYSIS

2013.11.14

160.671

117818

0.85%

2.48%

2013.11.15

161.418

94102

0.47%

3.25%

2013.11.18

161.053

86693

-0.23%

2.86%

2013.11.19

161.373

99882

0.20%

3.58%

2013.11.20

161.037

116085

-0.21%

3.79%

2013.11.21

163.817

115855

1.72%

6.59%

2013.11.22

164.248

97822

0.27%

6.91%

2013.11.25

164.225

93415

-0.01%

6.71%

2013.11.26

164.165

92755

-0.04%

6.15%

2013.11.27

166.326

103857

1.32%

8.09%

2013.11.28

167.15

87985

0.50%

8.30%

2013.11.29

167.591

119218

0.26%

8.75%

Regional High

†+1 Trading Day

8.62%

Correction Starts

†+2 Trading Days

7.76%

+3†

7.16%

+4†

6.79%

+5

6.53%

+6†

6.87%

Uptrend Move

+7

6.39%

Correction Continues

+8

6.39%

+9

6.07%

+10

5.88%

+11

5.37%

+12

5.23%

+13

5.04%

+14

5.36%

+15

4.64%

+16

4.24%

TCI indicates a clear overbought Forex pair. The current TCI indication of +8.75 is certainly excessive. Keep in mind that as concerns the past 3-4 years the maximum indication of GBPJPY was +13.3%. This is a clear sign that GBPJPY has historically moved in very strong and very long trends.

Technical Analysis on GBPJPY

In contrast with TCI indications, the technical analysis of GBPJPY is astonishing. GBPJPY broke all major resistance levels of the recent past.

?†GBPJPY Targeted Levels

?Strong Resistance Level:

1.6950

? Strong Support Levels:

163.88, and after 161.11 and after 160.53, and finally 157.12

Ľ Statistical Information about GBPJPY


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?†George Protonotarios, Financial Analyst†

Free Forex Trading Signals

TradingCenter.org, November the 30th, 2013

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