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Sea Lion Capital Management LLC provides Investment Advisory Services. Founder and Chief Market Strategist Alan Posner presents his analysis of markets here throughout the week. Sea Lion Capital Management specializes in stock market technical analysis, commodities technical analysis, and forex... More
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  • GBP/USD Flirting With Critical Support 0 comments
    Jan 16, 2013 9:58 AM

    Since the breakout of 11/23 at the $1.60 level the Pound rallied to nearly 1.6350 and while it looked poised to go higher it has since sold off, bounced at $1.60 on 1/10 and has now returned to test the level. the more often a level is tested the more important it is. The more times it holds the support there is for it but if it breaks price may remain under it for a while.

    Critical test of support for this consolidation is now occurring at the $1.60 level. Continued selling below support will move momentum to the downside. A bounce and the range continues back to 1.62.

    Read the rest of the forex post and see the GBP/USD chart here.

    Themes: GBP/USD, forex, Pound
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