Tuesday, February 23, 2010
Chart Setup GBPJPY, EURUSD, and GBPUSD
Above are chart setup for GBP/JPY, GBPUSD, and EURUSD.
GBP/JPY downtrend may continue this week after 2-week retracement from 138.26 and went as high as 143.63 last week. I currently shorting this pair as long it stays below the falling trendline.
GBP/USD broke 1.5707 support area on weekly chart. 100% projection is near 78.6% retracement or the green horizontal line (see chart).
EUR/USD reached 61.8% retracement which is the target from the previous post. The pair may have completed the third wave from 1.5144 top at this level. However the outlook is still bearish in daily chart as long the channel remain intact. First resistance is the last week high around 1.3780.