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Today's Forex outlook for GBP/USD
Wednesday, September 01, 2010
by Carol Harmer of Charmer Charts
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GBP/USD broke lower but held 1.5325 and we are currently testing 1.5400. we have resistance to 1.5410 and if we can break above here it would ease the immediate downside threat and see this come higher for 1.5470/80. Buyers are advised to cover to these higher levels as sellers are expected t be waiting here. Only if we can break the 1.5505 resistance would sellers reverse and join fresh buyers in taking us higher for 1.5540/50. 1.5400/5410 holding leaves the downside exposed again to 1.5325. If we can break through this support we should be able to take the market lower for 1.5299 then 1.5275 where sellers would once more look to cover.
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About the author
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank. She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
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