| GBP/USD - Reaches 1.5000 Resistance Posted: 25 Jun 2010 09:07 AM PDT  Price action on GBP/USD, a daily chart of which is shown, has stalled in its bullish correction just around the key 1.5000 price region. This resistance area also coincides with a key downtrend resistance trendline extending from the November 2009 high. While GBP/USD has been bullish for several weeks now, the pair can still be considered to be entrenched within a longer-term overall downtrend. Any strong breakout above 1.5000, however, would raise doubt as to the continued viability of this downtrend. For more technical analysis on this currency pair, please click here for Friday’s (6/25/2010) Chart of the Day.
James Chen, CTA, CMT * For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here. 
|
No comments:
Post a Comment