GBPUSD races to new lows. Intraday support line may look to hold here

Written January 11, 2012 at 11:37 AM EST by  

The GBPUSD hsa raced to new lows and has found some buyers against the 1.5309 level. THis is a channel trendline on the 5 minute chart above.  I will be watching this level for buyers. A break should not be ignored as the price is trending today and the next target being the more steep channel trendline below, but if it holds, it may lead to some profit taking of the above average 183 pip trading range today.

 

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4 Responses to “GBPUSD races to new lows. Intraday support line may look to hold here”

  1. Muhamad Khalil on January 12th, 2012 8:23 am

    Hi Creg,

    Is the time span in your ”day’s range/20 day avg range” a full day starting for example at 00:00 gmt ? or? Thank you.

    Muhamad

  2. Greg Michalowski on January 12th, 2012 8:28 am

    The forex day starts and ends at 5 PM ET. That is what I use in the report.

  3. Muhamad Khalil on January 12th, 2012 8:33 am

    Thank you!

    Muhamad

  4. Greg Michalowski on January 12th, 2012 9:04 am

    ; )

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