GBPUSD tests target at 1.6377. The 1.6380-86 risk.

Written January 19, 2010 at 9:58 AM EST by  

 gregmike-00116

As per the prior post, the GBPUSD had squeezed further higher to test the target resistance at the 1.6377 level. The level has attracted the low risk sellers with a stop either above the 100 bar MA or the 200 bar MA(blue and green line in the chart above) at the 1.6380 or 1.6386 levels respectively.

On the downside, a break below the 1.6354 is needed to satisfy the bears today. This level stalled the rise earlier and is the 50% of the move down from the November high to the December low.

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