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FOREX Technical Analysis: British Pound Slips in Early Week Trading

FOREX Technical Analysis: British Pound Slips in Early Week Trading

2012-10-29 13:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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FOREX Trading and Technical Analysis Observations

-GBPUSD-has retraced half of the rally from 15912. The British Pound is the weakest of the majors ahead of what may be an extremely quiet US session. The 61.8 level at 16000 may provide interim support but focus is lower into month end. Areas of interest include 15770 and 15644.

-AUDJPY-Focus remains on 8163 (10/22 low) and 8096 (61.8% of the rally from 7940). 8300 is resistance and shorts are favored as long as price is below 8347.

-USDCAD-has reached parity and is nearing the 38.2% of the decline from 10657 at 10024. The August high is also of interest at 10084. Expect a market response at one of these levels.

GBPUSD – Daily Bars

FOREX_Technical_Analysis_British_Pound_Slips_in_Early_Week_Trading_body_gbpusd.png, FOREX Technical Analysis: British Pound Slips in Early Week Trading

Prepared by Jamie Saettele, CMT

USDCAD – Daily Bars

FOREX_Technical_Analysis_British_Pound_Slips_in_Early_Week_Trading_body_usdcad.png, FOREX Technical Analysis: British Pound Slips in Early Week Trading

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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