forex trading outlook today - GBP/USD daily chart Monday sept 19 2011 : GBP/USD (daily chart) as of Monday (9/19/2011) has continued its dramatic overall bearishness of the last several weeks by making a significant breakdown below key 1.5750 area support. This breakdown caps off a full month of steeply bearish price action coming off the mid-August 1.6616 high.
Now that a breakdown below the 1.5750 support region has been made, the next major support target to the downside resides around the 1.5500 price region, which represents the 50% retracement of the long-term previous uptrend running from the May 2010 1.4230 low to the April 2011 1.6745 high. The trend on GBP/USD is now bearish, and further downside should be seen. Within the context of this new bearish trend, upside resistance resides around the key 1.6000 psychological price region.
Now that a breakdown below the 1.5750 support region has been made, the next major support target to the downside resides around the 1.5500 price region, which represents the 50% retracement of the long-term previous uptrend running from the May 2010 1.4230 low to the April 2011 1.6745 high. The trend on GBP/USD is now bearish, and further downside should be seen. Within the context of this new bearish trend, upside resistance resides around the key 1.6000 psychological price region.
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