By: Dima Chernovolov
I recently subscribed to Autochartist’s latest e-mail feature and received this trade opportunity alert. Autochartist’s latest feature provides traders with a quick morning technical outlook of the markets.
GBP/USD continues to decline inside the Up Channel chart pattern identified by Autochartist on the daily charts – as you can see from the following trade alert for this pair. GBP/USD is expected to break down through the lower support trendline of this chart pattern and then to fall toward the target level 1.5197 in the next 8 trading days. Autochartist set the stop-level for this forecast at the close price level 1.5605 (point B, which is the top of this Up Channel). Point B formed recently when the pair reversed down from the 50% Fibonacci Retracement of the previous sharp daily downward price impulse from the end of last year (which earlier broke the major weekly Triangle from February of 2009) running close to the resistance level 1.5600 (which is the breakout level of the aforementioned long-term Triangle, as you can see on the second chart below).
The weekly GBP/USD chart below shows the longer-term picture of this pair’s movement:
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