The GBPUSD is now testing its prior high just below the 1.5500 big level. It will be important to see how price action develops near this level as we have a 50% fibo retracement, swing high/low levels and trend resistance providing confluence. My preference is that we will see a bearish reversal but I wait for the price action to confirm that.
Cable reached key level
This entry was posted on Monday, July 26th, 2010 at 4:26 pm and tagged with GBPUSD and posted in analysis. You can follow any responses to this entry through the RSS 2.0 feed.
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- Summary 3/19 – 3/23
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- Week Ahead: Fed, BoE, G20 in Focus
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- Australia & New Zealand Weekly: Near Term Positives Set to Fade for Commodities
- Japan Releases Trade Figures as Yen Increasingly Challenges Multi-month High Versus Dollar
- GBPAUD Bulls Break 1.8000 and Enter Overbought Territory