Subscribe By RSS
GBP/USD Breaks Trendline Support Giving A Potential Bearish Clue
By Greg Michalowski on July 3, 2009 | More Posts By Greg Michalowski | Forex News By FXDD
The GBPUSD broke below trendline support yesterday and has been able to stay below the level today. The trendline has provided support on 4 separate occassions during GBPUSD’s move higher from the April 22nd low of 1.4396 to the high reached June 30th at 1.6743.
The trendline was broken at the 1.6435 level yesterday. Today the trendline comes in at around the 1.6460 level. Should momentum continue to the downside, the longer term target could extend down to 1.5846 intially. Note, however, that progression down, must overcome hurdles including the low floor that has contained the downside at the 1.6187 to 1.6200 level.
On the hourly chart, the pair broke below the 200 hour moving average at the 1.6452 level. Note the 200 hour moving averages is going sideways . The 100 hour MA is bending to the downside, which is a bearish development. If the market is able to maintain below these levels, currently at the 1.6447 and 1.6465 levels respectively, the downside momentum has the chance to develop.
Subscribe by RSS 
Subscribe by Email
Email This Post To A Friend
The Transportation Sector: Here Are Three Investments In A Sector That Are Ready To Soar - What You Should Know About Precious Metals ETFs And Taxes
- Buffett Borrows For Rail Acquisition
Why Investors Should Look To Japan Again - Bond Sentiment: Treasury Yields May Drop
- Bay Street Stocks Slip Slightly Again - Canadian Commentary - 3 hrs ago
- Stocks Close Mostly Lower Amid Disappointing Quarterly Results - U.S. Commentary - 4 hrs ago
- Bay Street Stocks Linger Slightly Below Unchanged Level - Canadian Commentary - 5 hrs ago
- Stocks Remain Stuck In The Red In Mid-Afternoon Trading - U.S Commentary - 6 hrs ago
- European Markets Fall, Led By Banks, Oils - European Commentary - 7 hrs ago
Thanks Greg
Your info help me to trade and make profit without loss