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Today's FX Outlook for GBP vs US$
Thursday, March 11, 2010
by Carol Harmer of Charmer Charts
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GBP/USD 1.4950/40 remains good support in Cable from long term fib level. Now we do look under a bit of pressure here but unless we can break 1.4940 short term would play this from the long side. We should get a bounce back to 1.5000 tying in with resistance at 1.5020. All longs to be covered to here. Only re-instate further longs if the market makes a break above 1.5040. A break above here sees this come higher for 1.5070/80. Now if we lose 1.4940 then any longs to be reversed as this would provoke a move lower with 1.4900 then the short term objective. Here cover shorts. Re-sell a break of 1.49 as this keeps the immediate pressure to the downside and sees this come lower for 1.4875/60 support. Once more cover all shorts to here and go long. Only reverse a break of 1.4860. www.technicalanalysisreports.com
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About the author
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank. She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
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