GBP/USD Follows The Chart Pattern To Lower Levels

New York London GMT Tokyo Singapore

GBP/USD Follows The Chart Pattern To Lower Levels

By Greg Michalowski on March 27, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

gregmike-02580

At the close last night the GBP/USD was approaching support at the March 20th low and the 200 hour MA. That level came in at the 1.4395 level. The price initially corrected higher but soon ran into sellers. When the price broke through the 1.4395 level, the market had its first wave of selling.

The 38.2% level of the last move up from the March 11th low of 1.3653 to the high of 1.4777, was the next target and when it fell through that level (at 1.4348) another wave lower ensued. The price bottomed at the 1.4267 level where it found a bottom.

gregmike-02581

The pair is now testing the 38.2% retracement level once again. Look for some resistance at the level. A break above should lead to further covering.

Check Out These Related Posts:

If you like this article please...

Subscribe by RSS Subscribe by Email

Email This Post To A Friend

Recent News:

Stocks Seeing Continued Weakness In Late Morning Trading - U.S. Commentary - 39 mins ago
Consumer Confidence Shows Unexpected Improvement In November - 1 hr ago
Stocks Moving Moderately Lower Following Economic Reports - U.S. Commentary - 1 hr ago
Annual Rate Of Decline In Home Prices Shows Continued Slowdown In September - 2 hrs ago
Consumer Confidence Index Jumps To 49.5 In November - 2 hrs ago

Opinions From Our Contributors

Commodities Will Copper Continue To Shine In ‘09? When Do We Sell Gold? Silver ETFs: More Gains To Come? Oil Seems Like It’s Going Nowhere… But The Story Is Very Different Below The Surface Distorted IEA Oil Reserve Figures Create Biofuel Opportunities In “White Gold” Region Of Central Asia The Simplest Reason Gold Will Soar Physical Gold, Silver And Oil Out-Performing Their Stocks? Silver Hits New Highs At Top Of Uptrend Channel Gold Has Just Barely Entered The Gravity-Free Zone More Than Just Mines: A Look At Other Ways To Profit From Coal, Copper And Ore Read More »	Financials Stock Market News: HP, Analog Devices, Heinz, Medtronic Report Strong Results, Citigroup Selling Diners Club To Bank Of Montreal Stock Market Briefs: Twitter May Consider IPO, Tyson Foods Beats Estimates Don’t Count Out Actively Managed ETFs U.S. Bank Failures Reach 124 Financial ETFs Still Remain Vulnerable Ron Paul Thinks That Fed “Oversight Is Laughable” Buffett Borrows For Rail Acquisition Investment Ideas: Here Are 3 Dirt Cheap Stocks Treasury To Auction TARP Warrants Dear Reader, We Cannot Criticize Goldman Sachs. Instead, We Admire It Read More »	Exchange Traded Funds Why Agriculture ETF Outlook Appears Promising Is Low Interest Creating A Sovereign Debt Bubble? Protect Yourself Against An Imminent Stock Market Correction Japan ETFs: The New War They’re Waging India ETFs: Too Much, Too Soon? ETF Update: Health Stocks And Health Care Legislation Biggest Gainer ETFs For The Week Ended 22 Nov Has Gold Just Broken Out Of Its Trend Channel? What You Should Know About Precious Metals ETFs And Taxes Main Street Vs. Wall Street: Using ETFs To Capitalize Read More »
Stocks Will Emerging-Market Outperformance Last? Stock Market Movers: Dollar Tree, Origin Agritech, US Airways Group How To Value Stocks Using Discounted Cash Flow Stocks To Watch Tuesday: Curis, Cell Therapeutics, Qwest Indian Stock Markets: Sensex Down 49.10 On Tuesday Can The Retail Sector Rouse The Recovery? Stock Charts For Tuesday: S&P 500, Nano, Hertz A Different Look At Recent Breadth Divergences In The NYSE Insider Selling Can Be An Important Tool In Determining Potential Trouble For Both Individual Stocks And The Broader Market Stock Picks For Tuesday: Curis, THQ And DryShips Read More »	Forex Risk Aversion Takes A Back Seat In Forex Markets Australian Dollar: Caution Swiss Franc: The Downside Prevails Canadian Dollar: Caution Japanese Yen: Under Pressure British Pound: The Downside Prevails Euro: Under Pressure Watching EUR/USD At The 1.4945 Level Where 100 & 200 Bar Moving Averages Converge Forex Markets Drift Due To Lack Of Drivers Tuesday’s Forex Outlook Read More »	Economy Economic Highlights: GDP Up 2.8%, Corporate Profits Increase By $130 Billion With T-Bill Yields At Zero, It’s Time To Beware Of The “Bond Bears” U.S. Economy Will Grow Faster Than Expected, Jobs To Return To Growth Next Year, Economists Say Government Debt - The New Subprime? Heeding The Populist Call Here’s A Sector To Short Cartoon: This Unemployment Line Seems Different 29 Retailers You’ll Have A Harder Time Finding After 2009 Emerging Markets Consider Capital Controls To Combat “Hot Money” Inflows Despite Recession, Innovation Is Alive And Well Read More »