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Price Cluster at 1.9007 May Support GBP USD

24-07-2008 - James Hyerczyk  |   Forex Technical Analysis
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Analysis

The GBP USD is still in an uptrend.  Buying has been strong on dips as the market has yet to break into a key retracement zone at 1.9902 to 1.9842.

Up trending support which is controlling the short term direction of this market is at 1.9907.

The most important price cluster to watch for a buying opportunity is 1.9907 to 1.9902.  Keep stops tight if this area is tested as the nearest support is 1.9842.

If the short-term low holds at 1.9896, then look for a retracement to 2.0027 to 2.0057.  Down trending Gann angle resistance is at 2.0027 and 2.0087.

The best counter-trend sell areas are 2.0017 to 2.0027 and 2.0057 to 2.0087.

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
2.0087        Gann Angle Down
2.0017        Gann Angle Down

1.9972        New York Close

1.9007        Gann Angle Up
1.9002        50% Retracement
1.9842        .618 Retracement
1.9777        Gann Angle Up
1.9647        Main Trend Bottom

Time

July 25        90-Day Cycle
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....

 
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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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