GBPUSD suffers on the back of King comments but bounces as NY enters
Written November 24, 2009 at 8:30 AM EST by Greg Michalowski
The GBPUSD was down for most of the day on the back of a more negative assessment of the economy by Bank of England Governor Mervyn King. The comments helped fuel expectations that additional quantitative easing measures might be needed down the road. This always tend to weaken the currency in question.
The market has rebounded from the low of 1.6496 as NY buying pushed the price up to 1.6590. The 1.6600 level once again has put on lid on the gain.
Going forward, look for resistance against the 1.6600 level. A move above targets the 38.% retracement level and the 100 hour moving average at the 1.6618 and 1.6630 level respectively. On the downside look for support at the 1.6543 level where the 100 bar MA on the 5 minute chart is found.
Categories: Forex Trading |
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