Friday December 11, 2009 - 19:17:05 GMT
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FXTimes - www.fxtimes.com
FX Times: Daily Technical Update GBP/USD Assessing Breakout
9:38 AM EST
December 11th, 2009
- Daily and 4H: Apparent in the daily time-frame, the market is
testing the 1.6200 support area and have been indecisive this week. The
4H time-frame shows a the market pushing the pair outside of a triangle
pattern on the down-side. The break is becoming an aggressive one at
the beginning of this Fridayâ€™s US session. The 1.5900-1.6000 area is an
intermediate target if the market is able to follow-through next week
with todayâ€™s bearish breakout.
- 1H: Looking closer for more detail, the 1H
time-frame shows that in the near-term, the market is approaching
oversold conditions. However, the price action is aggressive and may
extended the period in â€śoversoldâ€ť conditions. However, there may be
support just below the 1.6200 area. A possible scenario is
that the market will bounce from this support, but the rally would be
unsustainable if bearish interest has taken over. That would be a
confirmation for the current bearish signal and may improve the
likelihood that the market will decline to the intermediate target in
the previous consolidation zone of 1.59-1.60.
Commodity Trading Advisor
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 clientsâ€™ transactions and as a result,
CMSâ€™ 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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