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Forex Chartist Technical Analysis
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GBP/USD
Mon, Jul 13 2009, 09:27 GMT
by Carol Harmer
GBP/USD
Cable faltered on Friday and only attained 1.6345. The move below 1.6240 has put pressure on the downside and currently this is making its way to 1.6040/20. Now this is good support, but there is a chance that this level wont hold it and it will come lower to the first longer term Fib level of 1.5981.
Here you should see buyers come in and defend with all their might. If they fails then the long term uptrend at 1.5880/60. Once more buyers are expected to come and defend. This is critical, as a break below preferably on a close basis does suggest that the uptrend is in danger and that 1.55 then 1.52 is where this is heading over the next couple of weeks.
On the positive side, If we can hold above 1.6020/1.5980 it would re-enforce the uptrend and leave cable looking at 1.6380 once more.
Published on Mon, Jul 13 2009, 09:44 GMT
Archive
- GBP/USD
Published On Tue, Feb 9 2010, 06:46 GMT - EUR/USD
Published On Mon, Feb 8 2010, 07:00 GMT - Euro/Yen
Published On Wed, Feb 3 2010, 06:47 GMT - GBP/USD & EUR/USD
Published On Tue, Feb 2 2010, 06:43 GMT - GBP/USD & EUR/USD
Published On Fri, Jan 29 2010, 07:01 GMT
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