$GBPUSD corrects higher. Slows at the 200 bar MA and the key 100 day MA at 1.6411.
The Dubai World debt issues have led to banking worries and this in turn has hurt the GBPUSD. The price plunged down to a low of 1.6267 level but has rebounded to a high of 1.6440. In early NY trade, Dow stock futures rebounded from -220 to down about -180. The rebound led to the knee jerk move back higher in the currency pair. The stock market reaction will be the big influence in today’s trading.
From a technical perspective, the market will be paying attention to the 100 day moving average today which comes in today at the 1.6411 level. This level also corresponds roughly with the 200 bar MA on the 5 minute chart which is currently at the 1.6408 level. The support off the same chart comes in at the 1.6375 level where the 100 bar MA is found. A break below this level should intensify the selling interest.
Watch the 1.6411 level today. Below the level is bearish. Above the level is bullish. It is THE key level as the week comes to a close.
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