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Past performance is not a guarantee of future results. Please remember that technical analysis is only a tool for trading and even targeted analysis is no guarantee of profits. Forex trading carries a substantial risk of loss and only discretionary capital should be used in trading.

Forex Trading: GBPUSD looks tired

Posted by Greg Michalowski on Mon, 06/30/2008 - 9:52pm in

Looking at the GBPUSD chart, the pair looks tired.  The 1.9922 level acted as a floor for nearly 12 hours.  The bottom gave way, but was able to break back above where the high was tested on three separate hourly bars.  Failure to move to new highs led to a move back down below what is now a ceiling at the 1.9922 level.   1.9879 was the low yesterday.  This will need to be broken to push lower.