$GBPUSD falls sharply. Tests 1.5900. Resistance now at 1.5920/31
Written December 29, 2009 at 11:10 AM EST by Greg Michalowski
The GBPUSD is falling sharply, picking up momentum on the break of the weeks low at 1.5931 and the low from Dec 22nd at the 1.5920 level (and the 100 hour MA earlier – see prior post by clicking here). Now a move back up toward the 1.5931 level should find sellers as the spike lower has caught the buyers on dips off guard.
Next target on the downside? 1.5880. In October when the price was last at this level the market surged higher off this base (see chart below).
Longer term, however, a move to the October low of 1.5706 is the downside target as is the 38.2% retracement of the 2009 move higher at the 1.5689.
Categories: Forex Trading |
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