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Forex Technical Report
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GBPUSD 23 Year Technical Study
Sun, Oct 12 2008, 23:54 GMT
by Forex Hound Analysis Team
Aside from USDJPY, currency traders have kept the dollar bid for the most part since mid-July with no let up.
Although the USD has been a one way bet since this time, cable watchers may wish to take note of a monthly Fibonacci confluence support zone which was reached on Friday last week.
The green box on the monthly chart shows this support zone. Since this chart spans 23 years, it conceivable that the zone will hold for the intermediate term and some sort of rally ought to materialise. Although, not textbook, there is also the potential for a monthly head and shoulders formation.
Since some of the uncertainty regarding the adequate capitalisation of UK banks has now been resolved over this weekend and the US is going to issue more debt and thus devalue its currency, the probability of the USD maintaining its "flight to safety" status for much longer appears unlikely.
Chart watchers may look for a turn to commence on Sunday night.
Published on Sun, Oct 12 2008, 23:56 GMT
Archive
- Low Demand for Equities Indicative of Top
Published On Sat, Nov 7 2009, 08:34 GMT - Dollar Finishes Mixed in Sluggish Trading
Published On Sat, Nov 7 2009, 08:31 GMT - U.S. Markets Brace for Jobs Data
Published On Fri, Nov 6 2009, 13:29 GMT - Dollar Trading Lower Ahead of U.S. Jobs Data
Published On Fri, Nov 6 2009, 13:19 GMT - Bank of England Policy Decision Could Trigger Volatile Moves
Published On Thu, Nov 5 2009, 13:13 GMT
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