{"id":22769,"date":"2010-01-11T05:47:02","date_gmt":"2010-01-11T09:47:02","guid":{"rendered":"http:\/\/www.forexyard.com\/blog\/en\/?p=7522"},"modified":"2010-01-11T05:47:02","modified_gmt":"2010-01-11T09:47:02","slug":"gbpusd-may-see-downward-correction-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/11\/gbpusd-may-see-downward-correction-2\/","title":{"rendered":"GBP\/USD May See Downward Correction"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/profile-pics\/8.jpg\" width=\"120\"  alt=\"printprofile\" \/><\/p>\n<p>On the technical charts, the GBPUSD is one of the first pairs to begin showing signs of a correction to last Friday&#8217;s sharp upward movement. The chart below is the hourly chart by ForexYard. The indicators used are the Relative Strength Index (RSI) and MACD\/OsMA. The Fibonacci Retracement lines were also drawn to indicate significant support\/resistance levels.<\/p>\n<p><span id=\"more-7522\"><\/span>&#8211; Point 1: The pair has recently touched the significant 76.4% resistance level on the Fibonacci and hurriedly bounced off into a downward posture.<\/p>\n<p>&#8211; Point 2: The RSI shows this pair currently floating just inside the over-bought territory, signaling downward pressure.<\/p>\n<p>&#8211; Point 3: The MACD\/OsMA shows a fresh bearish cross which may indicate an impending bearish movement.<\/p>\n<p>&#8211; Note: the pair remains inside a bullish channel and has not yet breached. There is a possibility that the downward correction will still maintain this trend.<\/p>\n<p>In this case, it would be wise to place tight Stops and Limits on the pair, but be ready to remove your Limit if this pair&#8217;s price drops outside of its uptrend as this may signal a much stronger downward movement.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/01\/GBPUSD-Hourly.JPG\" alt=\"GBPUSD Hourly\" title=\"GBPUSD Hourly\" width=\"649\" height=\"522\" class=\"alignnone size-full wp-image-7523\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p> On the technical charts, the GBPUSD is one of the first pairs to begin showing signs of a correction to last Friday&#8217;s sharp upward movement. The chart below is the hourly chart by ForexYard. The indicators used are the Relative Strength Index (R&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-22769","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/22769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=22769"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/22769\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=22769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=22769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=22769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}