GBP/USD Approaches Fibonacci Retracement Level

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GBP/USD Approaches Fibonacci Retracement Level

By Greg Michalowski on April 23, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The GBP/USD did bounce higher after breaking the 100 hour MA at the 1.4601 level and is approaching the 38.2% retracement at the 1.4646 level. I would expect some profit taking to enter the market at least initially against the level.

For those looking for a continuation of the trend, the stop remains at the 1.4593 level. The positive for a continuation of the trend is the GBP/USD is back above the 100 day MA at the 1.4522 level after closing below the MA yesterday. Yestedays high reached 1.4707. This would be the next target on a move above 1.4546. If reached (or approached) the stop could be raised to the 1.4546 level.

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