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James Chen
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James Chen, CTA, CMT is Director of Technical Research and Education at FXDD, a global leader in foreign exchange trading. He is also a registered Commodity Trading Advisor and a Chartered Market Technician. He is the author of the books, "Essentials of Foreign Exchange Trading" (John Wiley &... More
My blog:
FX Path
My book:
Essentials of Foreign Exchange Trading
  • Chart of the Day - 9/24/2009 – GBP/USD 0 comments
    Sep 24, 2009 10:14 AM

    (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; 50-period simple moving average in light blue.)

    9/24/2009 – GBP/USD – Prolonged consolidation on GBP/USD, a daily chart of which is shown, has assumed a substantially more bearish bias than the euro against the dollar. This can be seen in the significant jump that the key EUR/GBP cross has made as of Thursday (9/24/2009). In the case of GBP/USD, the immediate event to watch for would be a strong breakdown below 1.6100 support, in which case the 1.5800 price region would be a clear further support target to the downside. Like other major currencies against the U.S. dollar, GBP is still entrenched within an overall uptrend, but this could very well be in jeopardy on GBP/USD if the pair continues to lose ground. Upside resistance continues to reside in the double-tested 1.6740 price region, which serves as the approximate upper resistance border of the current prolonged trading range.

    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.
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