Friday January 16, 2009 - 16:37:38 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 1/16/2009 - GBP/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; downtrend lines in red; chart patterns in magenta; 50-period simple moving average in light blue.)
1/16/2009 â€“ GBP/USD â€“ Price action for at least the past half year on the GBP/USD (a daily chart of which is shown) has been characterized by relatively large chart pattern breaks. Currently, price is continuing within a prolonged descending wedge pattern consolidation that has been in place for the last three months. The past couple of days have seen the pair rise moderately within this wedge formation, targeting resistance at the top border of the wedge. At the current juncture, the dynamic resistance offered by the top wedge border resides around the 1.5150 region. Any strong breakout above wedge resistance would lend considerable strength to the view that a base has been formed and a potential bullish trend-reversal could be in the making. In the event of this breakout, further key resistance above resides in the region of 1.5350.
Chief Technical Strategist
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."