GBP/USD Breaks Higher Toward 61.8% Retracement Resistance

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GBP/USD Breaks Higher Toward 61.8% Retracement Resistance

By Greg Michalowski on April 29, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The GBP/USD broke above the highs for the day and triggered stop buying. The price moved up quickly to the 1.4806 price. The 61.8% retracment target is 1.4811 of the move down in the chart above. The price has corrected back down but the bias still remains to the upside for the pair. A move below 1.4753 would be needed to change the intraday upside bias in the pair now.

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