EURGBP's range last week was .8332 to .8530 with a close near the high at .8514. This morning's high so far is .8536.
The cross is riding Euro's shirttails in its rebound. It remains to be seen whether it can sustain a break above .8530 and get to .8646 (January's high). If it can do so, resistance is at .8646, .8870,( weekly downtrend line from 3/2010), .8941, and .9175 (weekly downtrend line from 3/2009).
On the three-hour chart, the move up looks corrective in three waves. Support is at .8332, .8296/85 (weekly uptrend line from July and prior low), .8143, and .8068.
© 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.
My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.