Chart of the Day – 9/29/2010 – GBP/USD

Filed in Gold Bullion prices, ubs by on September 29, 2010 0 Comments

9/29/2010 – GBP/USD – Price action on GBP/USD (a 4-hour chart of which is shown) as of Wednesday (9/29/2010) has stalled in its bid to target 1.6000, though it could be on the potential path to do so. The pair is currently entrenched within a parallel uptrend channel extending back to the September lows. Just on Tuesday, the pair was halted by resistance in the 1.5900 price region, which is also a 138.2% Fibonacci extension of a recent bullish run. Just above this Fib level is the key 161.8% Fibonacci extension, which resides right around the 1.6000 target, last approached in early August. Downside support within the context of the current uptrend resides around the 1.5720 price region. James Chen, CMT Chief Technical Strategist FX Solutions 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. (Chart courtesy of FX Solutions’ FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.) Attached Images

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Chart of the Day – 9/29/2010 – GBP/USD

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