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GBP/USD: Fourth Test Of Resistance Under 1.5
By James Chen on April 14, 2009 | More Posts By James Chen | Author's Website
Price action on GBP/USD, a daily chart of which is shown, has approached resistance just under 1.5000 for the fourth time since mid-January, as of Tuesday (4/14/2009) morning. This occurs within the context of a short-term parallel uptrend channel extending from the lows in mid-March. The price region just under 1.5000 (1.4950-1.4980) represents a key resistance zone which, if broken convincingly to the upside, could eventually reach towards a further major resistance target around 1.5400.
Upside momentum at the current juncture, however, appears limited. Failure to break resistance should result in continued consolidation or bearish retracement. In this event, support resides around the uptrend support line of the current short-term parallel uptrend channel. This support currently resides around the 1.4580 region, which price tested twice last week.
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