Home > Commodities and Rates, Getting Global, Short-Term Trader > GBPUSD – Keep An Eye On Trend Support

GBPUSD – Keep An Eye On Trend Support

October 21, 2010 Leave a comment Go to comments

GBPUSD (British Pound vs. Dollar) is currently testing its intermediate term trend-line extending back to the middle of May, after being rejected by a long term trend-line late last week.  There is a chance it could hold trend support, but given the potentially explosive situation brewing in the Dollar (everyone, and I mean everyone hates it click here, scroll down to U.S. Dollar Sentiment) coupled with the relative weakness in the Pound vs. other currencies ,  it seems unlikely.  My philosophy with trend-lines is this: 'Trust Until Broken". With that said, I will not be looking for lower prices until a confirmed break is in place, but to be certain – my trust in Sterling is on thin ice.


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