Aug 31, 2010

FX Path

FX Path

GBP/USD - Bearishness Targets Downtrend Continuation

Posted: 31 Aug 2010 08:20 AM PDT

Price action on GBP/USD (a 4-hour chart of which is shown) as of Tuesday (8/31/2010) has dropped to approach support in the 1.5350 price region. This occurs within the context of a relatively choppy descent from the 6-month high just under 1.6000 reached in early August. This descent has formed a clear downtrend resistance line. For more technical analysis on this currency pair, please click here for Tuesday’s (8/31/2010) 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.
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