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  • GBP/USD Eyes Resistance At The 1.5739/41 Today 0 comments
    May 23, 2012 9:32 AM | about stocks: FXB

    The GBP/USD (FXB) fell sharply on worse than expected Retail Sales but has rallied back higher since bottoming at channel support (putting in a bottom parallel line often provide a border line to take profit in a fast moving market).

    The subsequent rally has taken the price up toward the topside trend line and 38.2% at the 1.5739 level. I would expect sellers against this level with stops on a break higher (target 1.57596).

    Looking at the daily chart, the price broke lower from the 100 and 200 day MA yesterday. The midpoint of the year comes in at 1.57659. This will also be a key resistance level should the price break above the 1.5739 level today. On the downside, the price is moving closer to the low floor from February at the 1.5640 area. Below that the low from March at 1.5601 would be another key support level to get through. The low for the year is way down at 1.5231.

    http://www.forexlive.com/blog/2012/05/23/gbpusd-eyes-resistance-at-the-1-573941-today/

    Themes: Currency ETF Stocks: FXB
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