Nov 22, 2010

FX Path

FX Path

GBP/USD - Drops to Test Trendline

Posted: 22 Nov 2010 11:44 AM PST

Price action on GBP/USD (a 4-hour chart of which is shown) as of Monday (11/22/2010) has once again reached down to hit a key uptrend support line extending from the September low. This occurs after price fell from the 1.6100 resistance area and a downtrend resistance line extending from the early November highs around 1.6300. For more technical analysis on this currency pair, please click here for Monday’s (11/22/2010) 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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