GBP/USD testing major support near 1.5920
GBP/USD has been testing major support near 1.5920 for the past three days. A break below this level could send the pair down to the test the 38.2% retracement level at 1.5689. This is considered to be an area of high price activity and one that traders will place more significance on. Above the current price, is the 200 day MA (green line) at 1.6025 which will act as resistance.
Looking to the 1 hour chart for further clues, the GBP/USD can be seen testing support 3 times since Dec 21 2009, at the 1.5920 level. Below this as seen on the Daily chart is the major support level at 1.5689. There is a good chance that the market will push to this level for at least a test in the next few weeks.
As always be more cautious trading around holiday timeframes due to increased volatility.
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