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Pound is rejected at resistance levels

Posted on September 1, 2009 at 5:24 in Market comments by David Aranzabal

Pound has been rejected very strongly this morning after the price formed a MACD divergence at resistance level. Yesterday’s highs (1.6380)

The price broke the ascending trend line and come all the way down, accelerated by the news release (PMI Manufacturing), as it came lower than expected.

The price found support at the Asian Support, but it’s making new lows

4 Responses to “Pound is rejected at resistance levels”

on 01 Sep 2009 at 6:55 am1Arun Kandyal

Hi David

Do you expect gbp could recover the lost ground today during us session thx.

Regards
Arun Kandyal
on 01 Sep 2009 at 10:11 am2su25

Hi David
Good to have you and your charts back!
on 01 Sep 2009 at 10:20 am3David Aranzabal

Hi su25,

Thanks for your welcome !!
For me it’s a pleasure get all your comments back again !!
on 01 Sep 2009 at 10:24 am4David Aranzabal

Hi Arun,

Sorry I didn’t see the your comment before. As you can see at the time of this report, the European session is ending and the Pound keeps falling. Anyway watch out the 1.6150 level, as it’s a big support level

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