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Monday December 7, 2009 - 19:35:11 GMT
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FX Times: Daily Technical Update GBP/USD Monitoring for Exit Signal

Fan Yang 11:30 AM EST December 7th, 2009

GBP/USD Showing Signs of Support
dtu_120709_gbpusd

  • 4H and 1H: The GBP/USD has followed our anticipated decline in the short-term. (Refer to Daily Technical Update 12.03.09 GBP/USD). It has yet to reach our target at 1.6270. Instead the decline paused at 1.6315. It is very likely the pair has completed it’s bearish cycle, and is now ahead of a bullish cycle. The bullish divergence in both time-frames suggest at least a short-term bullish correction.
  • The 9AM-10AM candle in the 1H time-frame was an early exit trigger. Since the market is in overall ranging mode, earlier exits make sense rather then waiting for a confirmation.
  • The confirmation will come from the rest of the US session, by whether the market will rally above 1.6430-1.6450 area, or continue a decline from this short-term resistance. This resistance, the parabolic SAR, and the declining trendline are all confirmations to exit.
  • The next resistance is the 1.6550 area. If this holds, our bearish outlook is still viable.
  • Re-consideration of bearish outlook should be in the 15-min time-frame for intra-session plans.
  • However a break above 1.6450 signals a reversal back to the 1.6700 area. The 1.6400 re-establishing as support is confirmation for the reversal.

Fan Yang
Currency Analyst
Commodity Trading Advisor
Via fxtimes.com


Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. CMS will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analyses.

Foreign currency trading is not conducted on an exchange. CMS is acting as a counterparty to its clients’ transactions and as a result, CMS’ interests may be in conflict with its clients. Since CMS acts as the buyer or seller in the transaction one should carefully evaluate any trade recommendation provided by CMS or any of its solicitors. Foreign currency trading involves a substantial risk of loss and may not be suitable for all investors.

All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.


 

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