Thursday March 4, 2010 - 20:21:24 GMT
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FXTimes: Daily Technical Update GBP/USD Continuation Eyes 1.45
GBP/USD Continuation Eyes 1.45
- 4H: The previous video post for the GBP/USD
pointed out that the next target for the GBP/USD as it continues to
decline aggressively is the 1.45 area. (Refer to Daily Video Technical Update 3.2.2010).
- This week, the market has found support at the 1.4850 area, and a retracement to 38.2% materialized.
- The market fails twice to rally above this retracement level near
1.5115, and from this double top action, the market looks ready to
continue its decline.
- The stochastic forms a â€śMâ€ť pattern and suggests bearish continuation.
- We see a powerline at the 1.50 area, so a break below this may be a confirmation for the bearish continuation.
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