GBPUSD finds resistance against the 100 hour MA and 38.2% Fibo

Written August 31, 2011 at 9:33 AM EST by  

The GBPUSD pushed against resistance against the 100 hour MA and the 38.2% retracement  at the 1.6334 adn 1.63295 level respectively. The high reached 1.6332 and backed off. Traders will use this level to lean against with stops on a move above.  

On the downside, traders will like to see a move back below the 1.6300 level to confirm that the correction higher from yesterdays sharp fall is over. This would take the price below the 100 and 200 bar MA on the 5 minute chart below. 

If that level is broken, the pair has a double bottom from yesterdays low and todays low at the 1.6254 area.  A break below this level will be needed to get the pair moving more sharply to the downside.

Share and Enjoy:
  • RSS
  • Facebook
  • Twitter
  • LinkedIn

No Responses to “GBPUSD finds resistance against the 100 hour MA and 38.2% Fibo”

Add a comment