Update: GBP/USD slows after channeling for 2 days

Written March 12, 2010 at 1:05 PM EST by  

march12_gbp1-21

The GBP/USD has been in an upward trend for much of the past two days. Looking at the 5 min chart, we can see that the pair has worked its way higher inside of a channel. The bottom side of the channel has been supported with 3 tests. The pair broke above the channel this afternoon and then failed to break above resistance at 1.5215. This will be the key level traders will be watching. Above this, there is good room for a short term trader on the way to major resistance at the 50% retracement level from the daily chart at 1.5272.

On the downside if the pair started to move lower, support will be found at the 100 MA (blue line) at 1.5159 and below that at the 200 MA (green line) at 1.5114. Below that further short term support will be found at 1.5032 and 1.4871 the low from March 10th 2010.

No Responses to “Update: GBP/USD slows after channeling for 2 days”

Add a comment