{"id":9898,"date":"2010-06-02T07:59:42","date_gmt":"2010-06-02T11:59:42","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9898"},"modified":"2010-06-02T07:59:42","modified_gmt":"2010-06-02T11:59:42","slug":"forex-technical-analysis-short-gbpusd-at-resistance-and-fibonacci-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/02\/forex-technical-analysis-short-gbpusd-at-resistance-and-fibonacci-line\/","title":{"rendered":"Forex Technical Analysis \u2013 Short GBP\/USD \u2013 At Resistance and Fibonacci Line"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; The Cable has bounced back from its low point at the height of the  Greek fiscal crisis and the price is closing in on a significant  resistance line that coincides with a Fibonacci retracement level. This  may be a point for the pair to reverse and continue its long term  bearish trend.<\/p>\n<p>The daily chart below shows the long term  bearish trend for the GBP\/USD that began mid November. A downward  sloping trend line takes into account all the price action for this  move.<\/p>\n<p>As the price moves higher, the price approaches the resistance level  of 1.4800 (R1). This is the bottom price for the months of February and  March. The price also is close to the 23.6% Fibonacci retracement level  from the long term bearish trend.<\/p>\n<p>The combination of the resistance line and the Fibonacci level makes  this a significant price barrier. As such, we may expect the pair to  bounce off of this price and resume the long term downward price  movement.<\/p>\n<p>The first price target is the late May highs at 1.4600 (S1).<\/p>\n<p>The second price target is the swing low on the daily chart at 1.4230  (S2).<\/p>\n<p>A protective stop (not shown) should be placed at the price level of  1.4915 to maintain a profit to risk ratio of roughly 2:1.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/06\/GBPUSD-Daily.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/06\/GBPUSD-Daily.JPG\" alt=\"\" width=\"595\" height=\"571\" \/><\/a><\/p>\n<p><strong><em>Forex Market Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex   Yard.<\/a><\/strong><\/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>By Russell Glaser &#8211; The Cable has bounced back from its low point at the height of the Greek fiscal crisis and the price is closing in on a significant resistance line that coincides with a Fibonacci retracement level. This may be a point for the pair to reverse and continue its long term bearish &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/02\/forex-technical-analysis-short-gbpusd-at-resistance-and-fibonacci-line\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Forex Technical Analysis \u2013 Short GBP\/USD \u2013 At Resistance and Fibonacci Line&#8221;<\/span><\/a><\/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-9898","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9898","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=9898"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9898\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}