Chart Of The Day – July 8th
By FX Solutions -7/08/2009 – GBP/USD – Price action on GBP/USD, a daily chart of which is shown, has continued its substantial bearish bias since the pair broke down below a key uptrend support line extending from a late April low. Currently the bearishness is showing little sign of abating, and clear support targets to the downside include another uptrend support line, this one extending from the March low, as well as the 1.5800 horizontal support level. At the current time, these two support factors are approximately coinciding. To the upside, key short-term resistance in the context of the current bearishness resides around 1.6200, the previous short-term support level.
James Chen, CMT
Chief Technical Strategist,
FX Solutions
Chief Technical Strategist,
FX Solutions
*IMPORTANT NOTICE: The information contained herein is solely for informational purposes and should not be construed as trading advice. FX Solutions (“FXS”) believes that the information contained herein is accurate however, FXS cannot guarantee the accuracy of said materials. Under no circumstances shall FXS have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance in connection with the collection, compilation, analysis, interpretation, editing, transcription, transmission, communication, publication or delivery of such information, or (b) any direct, indirect, compensatory or incidental damages whatsoever (including without limitation, lost profits) resulting from the use of or inability to use any such information. The charts and other opinions constituting the information contained herein are, and must be construed solely as statements of opinion and not statements of fact, recommendations and/or trading advice. FXS cautions that no single source of information should be used when making trading decisions.
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Chart Of The Day – July 8th, 2009 | DowntownForex « The Forex News
July 9th, 2009 at 9:04 pm
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