Chart of the Day – 5/12/2010 – GBP/USD

Filed in Gold, Gold Bullion prices, ubs by on May 12, 2010 0 Comments

5/12/2010 – GBP/USD – Price action on GBP/USD, a daily chart of which is shown, has been unable to make a daily close below key support in the 1.4800 price region for more than a year. This is despite several attempts to move below that level for the past several trading days. Currently, price is firmly entrenched within a strong overall downtrend. 1.5000 support was swiftly broken late last week, and the continuing bearishness in this pair is now struggling with the noted 1.4800 level. This currency pair is now wavering in consolidation, but a strong breakdown and daily close below the 1.4800 level would be a significant bearish indication, and could then potentially prompt price to target further downside support in the 1.4500 region. Upside resistance within the context of the current downtrend tentatively resides in the key 1.5000 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 – 5/12/2010 – GBP/USD

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