Forex Trading: GBP/USD Trying To Find A Bottom

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Forex Trading: GBP/USD Trying To Find A Bottom

By Greg Michalowski on December 30, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

The GBP/USD is trying to find a bottom. The previous low for the year prior to yesterday (Monday) was 1.4466. The pair moved to a new low of 1.4381 yesterday but recovered back above the 1.4466 level in Tokyo trade. The pair has waffled above and below the key level since then and has recently moved back above after making a test to the downside. This may suggest that a bottom is in place.

I would look for intraday traders to use the 1.4466 level as intraday support and see if the upside can be probed. To help the case for the upside in GBP/USD would be a move lower in the EUR/GBP which tested yesterdays highs at 0.9798 but backed off.

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