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GBP/USD Bounces Off Key Support

GBP/USD (a daily chart of which is shown) as of Monday (3/14/2011) has once again bounced off support in the key 1.6000 support region. This price area is also the 38.2% Fibonacci retracement of the most recent major bullish trend run, from the 1.5344 low at the very end of 2010 to the significant long-term 1.6342 high reached in early March. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT