Sep 29, 2010

FX Path

FX Path

GBP/USD - Consolidation within Bullish Trend Channel

Posted: 29 Sep 2010 09:25 AM PDT

Price action on GBP/USD (a 4-hour chart of which is shown) as of Wednesday (9/29/2010) has stalled in its bid to target 1.6000, though it could be on the potential path to do so. The pair is currently entrenched within a parallel uptrend channel extending back to the September lows. For more technical analysis on this currency pair, please click here for Wednesday’s (9/29/2010) 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.
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