Forex Trading: GBP/USD Breaks Resistance

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Forex Trading: GBP/USD Breaks Resistance

By Greg Michalowski on February 9, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The GBP/USD has broken through the key resistance level of 1.4889 and ran up to a session high of 1.4939. This pair open the market on a weak note Sunday as risk aversion ran the table as the US noted it would delay the announcement of their financial-rescue plan to Tuesday (originally planned for today). However, as choppy Asian equity trading led into Europe’s open with the FTSE (^FTSE) currently holding its opening positive gains, the GBP has been able to keep and add to the momentum started at the end of January. The below H4 GBP/USD chart displays a great picture of the pair’s momentum swing and today’s broken resistance level (1.4889) which acted as a major obstacle previously as we see the pair hit and fall back on January 19.

gbpusd-2-9

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