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Today's Forex outlook for GBP/USD & EUR/USD
Tuesday, September 07, 2010
by Carol Harmer of Charmer Charts
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GBP/USD lost ground yesterday and came lower to 1.5346. we have held up this morning, but below 1.5400 keeps the pressure to the downside, leaving the way clear for another round of selling with 1.5335/25 then looking to entice. If we cannot hold over 1.5325 then you should find further selling pressure evident with 1.5255 to 1.5230 then targeted.
If we can claw our way back over 1.5400 it would ease the immediate downside threat and leave 1.5470/80 exposed in the short term, with a break then predicting a move higher to 1.5505.
Eur/Usd hit 1.2919 which was enough on the topside and sent the sellers then into a frenzy and they drove the market down to 1.2867, just in front of our 1.2860/50 support.
Support is now at 1.2860/50. If we cannot hold onto this support we are looking at the market coming lower for 1.2830 and possibly 1.2780 before buyers step in once more and hold the market higher.
If we can hold the 1.2860/50 support we are looking at the market then coming higher once more with the 1.2920 resistance once more the attraction. Buyers are once more advised to cover to here, and they will only come back into the market if we can break this resistance for 1.2950/65.
Recent articles from this author
- Today's outlook for mini Dow Jones Futures. - Thursday, February 09, 2012
- Today's FX outlook for Swiss Franc and Euro/GBP - Thursday, February 09, 2012
- Today's FX outlook for Japanses Yen - Thursday, February 09, 2012
- Today's outlook for Australian Dollar and Canadian Dollar - Thursday, February 09, 2012
- Today's outlook for mini Dow Jones Futures. - Wednesday, February 08, 2012
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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