GBP/USD 1H Chart 9/21/2012 7:10AM EDT
Attacking 1.63: The previous GBP/USD noted topping action and a couple of support pivots/targets – 1.6165 and 1.6065, the latter being the aggressive target coincident with a rising trendline that goes back to July. 1.6165 was a support/resistance pivot and the GBP/USD only made it to this level before pushing to new highs for the week. It is now attacking the 1.63, 2012-high, cracking it as we get ready for the 9/21 US session.
Central pivot: Note in the 1H chart the market’s dynamic around the 1.6233 area, a common pivot in the middle of this week’s price action. It was tested as resistance during the 19th and a near-term bear swing followed. It was also tested in the European session as support after the market broke above, and provided a bounce to the 1.63 area.
Fan Yang CMT is a trader, educator and a Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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.
To contact the editor, e-mail:
Most Popular Slideshows
- Australia Bids Adieu to Adam Spencer's Mornings on ABC's "702 Breakfast" Show [PHOTOS]
- Top 10 Hottest Celebrities with Shocking Weight Loss (And Find Out Their Secrets!) [PHOTOS]
- SEE PHOTOS! Eva Longoria Wears No Panties at Cannes 2013, Revealed in Embarrassing Wardrobe Malfunction [SLIDESHOW]
- Demi Lovato Snapped Getting Flirty with The X-Factor Boss, Simon Cowell? [PHOTOS]