Forex Commentary: GBPJPY inside bar update and GBPUSD breakout 9−25−10
International Trading
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14 years ago
Saturday, September 25, 2010
, Posted by Usman Ali Minhas at 10:52 AM
The GBPJPY inside bar setup discussed in yesterday’s commentary has come off to the upside into the week’s close. Price could drift higher into the mid 134.00-135.00 from here.
The GBPUSD broke above resistance near 1.5740 today. This breakout looks strong and a move back up to retest 1.6000 is possible, a rotation lower back down towards 1.5740 could be viewed as a possible buying opportunity pending price action, as this level will likely become solid support.
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Commentary:
The U.S. dollar lost ground today to the other majors as risk appetite improved on the back of positive economic data.
The Japanese yen also weakened today but still managed to gain some modest ground on the U.S. dollar and Swiss franc which were today’s weakest currencies.
The Dow rose 197.84 points today, or 1.86 percent, the S&P 500 added 23.82 points, or 2.12 percent, the Nasdaq rose 54.14 points, or 2.33 percent.
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