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The Forex Pattern Price Time Report - GBP USD - Morning Session

By:   James Hyerczyk
  • 25-08-2008
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The GBP USD weakened overnight as a major Weekly Up Trending Gann Angle at 1.8476 was taken out quite easily.  Today is a holiday in the U.K. so it looks as if there was no one there to bid.  This price remains important all week so watch to see if the market can regain it to pick up some strength.

The subsequent down side pressure is targeting a monthly Gann Angle at 1.8367.

Trend traders do not have to worry about the up side unless the market can regain 1.8476.

PATTERN

Main Trend:  Down
Main Trend Top:  2.0157  (07-15-08)
Main Trend Bottom:  1.8511 (08-18-08)

PRICE

1.9528        .618 Retracement
1.9334        50% Retracement
1.8793        Gann Angle Down
1.8618        .618 Retracement
1.8524           Overnight High

1.8521           New York Close

1.8476        Weekly Gann Angle Up****
1.8404           Overnight Low
1.8367        Monthly Gann Angle Up

TIME

Aug 20         180-Day Cycle
Aug 23          90-Day Cycle
Aug 27         180-Day Cycle

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Next Analysis: The Forex Pattern Price Time Report - USD CHF - Morning Session
Content Provided by:
James Hyerczyk

James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.

Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.


DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.


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