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FXTimes | September 19 2011 9:51 EDT
Previous: GBP/USD Might not See Support Until 1.5740-1.5750 (9/6)
GBP/USD
The 4H GBP/USD chart shows a bearish channel and as anticipated in the previous post, the currency pair found some support near 1.5740 as the currency markets consolidated last week. The common support was more like 1.5725. This week, the market opened with risk aversion, and the Sterling-US dollar fell below 1.57, accelerating in the beginning of the US session. The respect of 1.5870 last week also shows the market keeping to the bearish channel seen in the 4H GBP/USD chart. Note the failure of the RSI to break above 50, much less 60, and now returning to 30. The high in the RSI last week is higher then the previous week’s, but the corresponding price high was lower. This suggests that the bearish mode remains, and a strengthens the case for a swing projection towards 1.5540. Below this target, the market opens up the Dec 2010 lows near 1.5350.
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Fan Yang CMT
Chief Technical Strategist
FXTimes
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.
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