GBPUSD tumbles. Talk of a UK clearer selling

Written January 27, 2012 at 10:54 AM EST by  

The GBPUSD took a tumble lower. Market chatter is a UK clearer was selling (this is not confirmed). The price fell below the trendline support outlined in the morning commentary. The price is now below the 38.2% of the weeks trading range at the 1.56498 level.

The next key target comes in at the 1.56241 level.  The level corresponds with the 50% retracement and the 100 hour MA.

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