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  • GBP/USD Tests 38.2% Retracement Of The Move Up From Friday. 0 comments
    Jun 18, 2012 8:48 AM | about stocks: FXB

    The GBP/USD (FXB) opens NY with the price at the 38.2% of the two day rally. Friday the pair was the big winner with an insatiable demand. The election results led to a gap higher bid in sympathy with the EURUSD, but the price found channel trend line resistance at the level (see daily chart below), and the selling began. The price decline has been steady but has found support buyers at the 38.2% of the move up from Friday (see chart above) at the 1.56376 level. Overall, with focus back on the negative of the EURUSD, the GBPUSD may find some more dip buyer against support.

    On the topside today, I will be watching the 1.5661 level above as a key level for trader sentiment. The level is the 38.2% of the move down from the April high. . The price zipped above this level on Friday. In the last few hours, the price has been able to hold below this level. If the price stays below, it keeps the bears in control. If the price can move above, the flight into the GBP may continue to be a theme.

    http://www.forexlive.com/blog/2012/06/18/gbpusd-tests-38-2-retracement-of-the-move-up-from-friday/

    Themes: Currency ETF Stocks: FXB
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