Technical Trading Tips and Techniques by 
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.
UPDATE: As of Wednesday (4/15/2009) morning, price on this pair has poked its head slightly above 1.5, but then quickly retreated. Watch for signs of either a complete bearish reversal from the high that was reached, or any subsequent re-break with follow-through to the upside. Further updates are forthcoming.
Hi James,
you mention on chat above a channel, it also some wedge formation on daily chat clear visible on line chat from 23/2, 25/2 and 24/3 tops.
Hi St_Fx,
Thanks for your comment! Sorry, but I’m not sure I see the pattern you are referring to. If you could please clarify, that would be great. Thanks, St_Fx!
James Chen