New York
London
Tokyo
Chart Of The Day
Join James Chen, FX Solutions\' Lead Technical Analyst, each day as he provides commentary for a given currency pair chart setup.

May 19 – GBP/USD Daily Chart

May 19, 2009 at 9:32 am • Posted in General

clip_image002

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)

5/19/2009 – GBP/USD – After breaking out above key resistance in the 1.5300 price region yesterday, GBP/USD, a daily chart of which is shown, has followed through to hit a high above 1.5500, effectively breaking the choppy sideways consolidation that has prevailed in this pair for the last couple of weeks. The question now is whether or not this bullishness will continue to prevail, or if price will fall back into consolidation. Strong downside support now resides around the broken 1.5300 resistance. The upside target on the current rally resides just above the 1.5700 price region, which currently resides around a key uptrend line that was broken down in mid-April, but which should now act as dynamic resistance. 

James Chen, CMT
Chief Technical Strategist, FX Solutions

To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1

SocialTwist Tell-a-Friend

Leave a Response

Trading Metro
Disclaimer

Before diving into the legalese below, use your common sense when trading. Rely on yourself to define trade execution, don't trade with money you cannot afford to lose, and know the risks of trading. Be responsible, be honest, and use common sense.

Online trading, especially that on margin carries a high level of risk and may not be suitable for all investors. Opinions expressed at Trading Metro are those of the independent authors and do not necessarily represent the opinion of Trading Metro. Trading Metro has not verified the accuracy of any claim or statement made by any independent author. It's your responsibility to ensure the veracity of information presented.

Any solutions, opinions, news, research, analyses, prices or other information contained on this website, by Trading Metro, its employees, partners or contributors, is provided as general market commentary and tools, and does not constitute investment advice. Trading Metro 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. Information on Trading Metro is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on Trading Metro is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy and our Privacy Notice.

Feedback Form