Case Schiller Home Price Index comes in a little worse than expectations. GBPUSD comes down after testing the 1.6600 level.
Written November 24, 2009 at 9:13 AM EST by Greg Michalowski
The expectations was for a -9.10 decline. It came in at -9.36% for the top 20 cities. The dollar has improved a little off the release. with the EURUSD and GBPUSD back down a bit.
The GBPUSD reached a high of 1.6595 off the GDP data, finding sellers against the 1.6600 level. The market simply finds that level to sell against or buy above. There should be support against the 200 bar moving average on the 5 minute chart at 1. 6563 level. Watch this level this morning for momentum clues. A break below should lead to further pressure with downside confirmation on a break of the 100 bar MA at the 1.6544 level. A move above the 1.6600 level targets the high for the day at 1.6617. Be patient today.
Categories: Forex Trading |
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