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Sterling approaches hourly resistance

Written February 9, 2010 at 2:38 AM EST by Vincent Facchino 

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Gbp/Usd is approaching 1.5650, which should act as a form of resistance. The chart below shows a steady move up to this level over the last 8 hours. The 61.8% fibo lies at 1.5647 with a trendline of recent hourly highs at 1.5650 nearby. If the pair can break though we may be headed for 1.5715-20. If it holds a move below 1.5600 is likely.

vincent_fx00009

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