GBPUSD squeezes higher to resistance level. 1.6182 comes more into focus

Written January 26, 2010 at 10:13 AM EST by  

gregmike-00191

The GBPUSD has squeezed higher to test the 38.2% retracement and th 100 bar MA on the 5 minute chart.  A move above targets the 1.6182 level where the 200 day MA is found.  This is key resistance. On the downside, the move above the 1.6144 level (see chart above – 1,2,3,4) now makes that level the support level to get through for the sellers up here.   We will be watching that level on the downside.

gregmike-00192

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