Monday, February 9, 2009

GBPUSD broke above the trendline overnight. Moved GBPUSD higher

Written February 9, 2009 at 8:50 AM EST by Greg Michalowski


The GBPUSD broke through the trendline resistance at the 1.4805 level on Friday, moving to a high of 1.4843, but came back down and closed at that level. This was a less than convincing break of a trendline from October.

Today, the market was able to move more convincingling through the level. The high today has come in at 1.4977 . The 1.5000 level will provide “big figure” resistance. The price was last above this level on January 9th. 1.5372 is the high price for 2009. This will also be a target. Finally the 100 day MA comes in at 1.5597. All these levels will act as resistance.


On the downside, the 1.4874 level will act as intraday support. This was the high near the opening today. Below that, the key level is 1.4805 level where we closed on Friday and where the trendline was originally broken on Friday.

No comments:

Post a Comment