GBPUSD—in channel

Still hanging in there slightly above its weekly 20 EMA (currently 1.5107) that served as strong resistance from April until recently. The pair is in an upward channel which looks overall corrective. Currently, its price action is not exactly strong and it's questionable whether it can again reach the channel top of 1.5550. Right now, cable is battling resistance made up of fib confluence and polarity at 1.5242. If it doesn't make it, additional support is at 1.5197 and 1.5141.

Here’s the three-hour chart:












© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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