Fundamental

Technical

Futures

Central Banks

Forex Brokers

Trading Tools

More Tools

 

GBP USD Headed to Retracement Zone

By:   James Hyerczyk
  • 23-07-2008
0
votes
 
View Comments (0)
Previous Analysis | Next Analysis
Text Size
Print
Email
Add a Comment
Analysis

Longs who were holding up the GBP USD finally gave in and this pair sold off making 2.0157 a new main top.

Based on the range of 1.9647 to 2.0157, look for a retracement to 1.9902 to 1.9842.

The uptrending Gann angle support comes in at 1.9987.  The market failed to hold this price indicating weakness down to 1.9767.

After the market reaches the downside retracement zone, there may be one more rally back to resistance angles at 2.0037 and 2.0097.

Although the main trend is up until 2.0157 is penetrated, counter-trend traders should look to sell rallies especially back to 2.0037.

Pattern

Main Trend:  Up
Main Trend Top:  2.0157 (07-15-08)
Main Trend Bottom:  1.9647 (07-07-08)

Price

2.0157        Main Trend Top
2.0097        Gann Angle Down
2.0037        Gann Angle Down

1.9912       New York Close

1.9902        50% Retracement
1.9842        .618 Retracement
1.9767        Gann Angle Up
1.9647        Main Trend Bottom

Time

July 25        90-Day Cylcle

Share:
Digg
Del.icio.us
Next Analysis: GBP/USD Daily Analysis - Evening Session - GMT
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.


Comments
Add a Comment
Please Login to Post a Comment
User Email:
Password:
  Remember Me Register For Free
  Forgot Password | Help
Become a member and get 6 free Forex courses by OTA!

 
  • Webinar
 
  • Charts
 

 
  • Survey

What do you hope to improve ?

My trading Platform
My Signal Software
My Charting Application

 
ForexPros.com Newsletter
 

 
 

Special Offers: