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Monday March 8, 2010 - 17:56:22 GMT
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FXTimes: Daily Technical Update GBP/USD Near-term Outlook

GBP/USD Near-term Outlook
dtu_gbpusd_0308104ha
  • 4H: Looking at the GBP/USD in the near-term, we see that the market is in a correction from the previous downswing. So far, some resistance at 50% and test of SMA 50, as well as stochastic crossover in the overbought zone.
  • The market can still continue to rally to 61.8% reracement area, or even 153.50 to test the previous powerline. However, we can see that the market is already testing a minor powerline at 1.52. So let’s stalking this current near-term decline and see what scenarios might arise.
  • 1H: Looking at the 1H chart, we see that indeed there is a retracement from correction swing of last Friday. Price action broke below a powerline near the 38.2% retracement, and suggests further decline. The stochastic is also declnining from the overbought area.
  • An important area to watch is the channel support, confluent to the area between 61.8% and 78.6% retracement. Note that this is also the resistance of the Friday consolidation before the upswing.
  • So if the Pound bears are stroung enought to drive this market further below this 1.5060 area, we  might continue a decline in the intermediate term to 1.45. (Refer to Weekly Technical Update 3.5.2010)
  • Otherwise, there are still some short-term rally possible, and looking at the 4H time-frame, we know the next area of resistance is near 1.53.

dtu_gbpusd_0308101h

Fan Yang
Currency Analyst
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 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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