FX Path
  • Home
  • Join our trading community
  • Back to FXstreet.com

FX Path

Technical Trading Tips and Techniques by James Chen, Chief Technical Strategist at FX Solutions.

Subscribe

Subscribe Subscribe Subscribe using Netvibes
Or subscribe via email:

Categories

  • Analysis
  • Announcements
  • Education
  • Uncategorized

Archives

Recent Comments

  • Forex Broker Analysis on EUR/USD - Heading for 1.4500, Correction Due
  • Sanjay on EUR/USD - Heading for 1.4500, Correction Due
  • ig index on EUR/CHF - Hits Support within Bearish Trend
  • Wilson on Technical Carry Trade Articles
  • dpinkert on USD/JPY - Breakout to the Upside

Tags

FXstreet.com Weblogs

  • CEO's Weblog
  • Wayne McDonell
  • Dr. S. Sivaraman
  • Valeria Bednarik
  • James Chen
  • Ross Yamashita
  • Raghee Horner
  • Ron Schelling
  • César B. Leiceaga
  • Ian Coleman
  • Greg Michalowski
  • Mike Baghdady
  • Dale J. Pinkert
  • Trader of the Year

Links

GBP/USD - Bullish Retracement to Trendline
Posted on March 16, 2009 at 14:02 in Analysis by James Chen

GBP/USD Daily ChartGBP/USD, a daily chart of which is shown, has once again reverted back up to approach the resistance offered by a trendline that has been bisecting price action since around mid-2008. Currently acting as downtrend resistance, this trendline is now part of a parallel downtrend channel that has been in place since October. Because the long downtrend line is exceptionally valid, with many touches throughout its history, GBP/USD is currently at a critical juncture. Within the next day or two, if this line is respected with a clear turn at or near the dynamic resistance offered by the trendline, price could subsequently head back down towards major support in the 1.3500 region. Conversely, any exceptionally substantial breakout to the upside should eventually target major resistance around 1.5.

Comments are closed.

Theme by Forex Street Powered by Wordpress

The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

© 2010 "FXstreet.com. The Forex Market" All Rights Reserved.