{"id":16576,"date":"2010-12-10T08:35:30","date_gmt":"2010-12-10T13:35:30","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=16576"},"modified":"2010-12-10T08:35:30","modified_gmt":"2010-12-10T13:35:30","slug":"gbpusd-finding-strong-resistance-at-1-5820","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/12\/10\/gbpusd-finding-strong-resistance-at-1-5820\/","title":{"rendered":"GBP\/USD Finding Strong Resistance at 1.5820"},"content":{"rendered":"<p><strong>By Greg Holden<\/strong> &#8211; The British pound\u2019s recent gains against the US dollar were short-lived yesterday as the pair found strong resistance at 1.5820.<\/p>\n<p>The Fibonacci retracement lines drawn on  our daily chart suggest that this price level is actually a significant  statistical barrier for the pair as the 61.8% line.<\/p>\n<p>We can see on the chart below that traders took profit at the 1.5820 level as the pair touched this Fibonacci line.<\/p>\n<p>Our Stochastic (slow) on the daily chart below also supports the notion that downward pressure is mounting.<\/p>\n<p>Traders may want to take advantage of these long-term fluctuations by  entering short positions to capture the retracement back towards the  50% line at 1.5533.<\/p>\n<p>The fundamental side appears to support this downward notion as well.<\/p>\n<p>A Fitch <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/12\/09\/irish-downgrade-sends-euro-lower\/\">downgrade of Ireland<\/a> has put financial strain on the euro zone and UK, helping the US dollar gain ground against its Atlantic rivals.<\/p>\n<p><strong><a href=\"http:\/\/www.forexyard.com\/en\/trading\/gbp-usd\">GBP\/USD \u2013 Daily Chart<\/a><\/strong><\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/12\/GBPUSD-Daily-Chart.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/12\/GBPUSD-Daily-Chart.JPG\" alt=\"\" width=\"590\" height=\"745\" \/><\/a><\/p>\n<p><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex Market Analysis provided by ForexYard.<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                                                                                                                          may         not          be                            suitable             for               all                                              investors.                            There                is      a                                                                                possibility                              that                                        you                         could                                  sustain  a                loss                    of         all                  of                     your                                                                       investment         and                                                            therefore        you                                                should              not                                   invest                                   money               that                you                                                cannot                               afford    to                                        lose.           You                                            should                be                         aware              of                               all                     the                  risks                                                           associated                       with                            Foreign                                          Exchange                                              trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British pound\u2019s recent gains against the US dollar were short-lived yesterday as the pair found strong resistance at 1.5820.<\/p>\n<p>The Fibonacci retracement lines drawn on our daily chart suggest that this price level is actually a significant statistical barrier for the pair as the 61.8% line.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-16576","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=16576"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16576\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=16576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=16576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=16576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}