Forex Trading: GBP/USD Tests The 38.2% Retracement Level

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Forex Trading: GBP/USD Tests The 38.2% Retracement Level

By Greg Michalowski on December 2, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

The GBP/USD tested the 38.2% retracement level of the move down from the Nov 25th high of 1.5532 and the low today (Tuesday) of 1.4775. The level comes in at 1.5064. The high correction price was 1.5067 so far today.

This level will be watched as a good resistance level today. I would expect sellers against the level as the pressure on the GBP will likely remain going into the rate announcement on Thursday. A move above the level, however would target a test of the 100 hour moving average currently at 1.5132.

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