Wednesday, 1 May 2013

GBP/USD nearing both 50% retracement of recent decline and trend channel resisistance

Daily chart shows that the GBP/USD is nearing both the 50% retracement of the recent decline and trend channel resistance.

Weekly chart shows that the daily chart decline is a thrust lower from a multi-year triangle, likely just the beginning of a larger move lower. One measured target is 1.30ish, derived by subtracting the tallest height of the triangle from the breakout level.

S&P 500 keeps on keeping on, makes new highs