UKs Darling on newswires. $GBPUSD pauses after a sharp move lower overnight
Says withdrawing support now would be “utter madness”.
The GBPUSD – which was not as strong as the the EURUSD yesterday- was the currency pair which plunged the most today. The price yesterday reached a high of 1.6745 which was just above the old spike highs from June 30th and September 11th. That high, reached in the London morning session, was not taken out in the NY afternoon when the dollar took its nosedive.. The high was only able to get up to 1.6727 in yesterday’s afternoon trading.
The market consolidation led to the 100 and 200 bar MA converging on the 5 minute chart. A break and one final test, led to the march down. The price stalled at the key 1.6600 level where the 100 hour MA was also situated, but continued down to a nice round low of 1.6500 level which was within 4 pips from Tuesday’s low and as good a level as any to find buyers.
Now the price was upside resistance at the 100 bar MA on the 5 minute chart at the 1.6575 level and further upside resistance at the 100 hour MA at the 1.6600 level. On the downside, watch the 1.6529 level and then the 1.6496/1.6500 level.
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