GBP/USD Rejected Near 1.5 Resistance

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GBP/USD Rejected Near 1.5 Resistance

By James Chen on April 30, 2009 | More Posts By James Chen | Author's Website

Price action on GBP/USD, a daily chart of which is shown, has once again been rejected by resistance in the zone just around the 1.5 price region. This mirrors the EUR/USD’s inability to close above 1.3300 in recent days. In the case of GBP/USD, a high of 1.4945 was reached before price fell back down in the early morning hours. Since mid-January, this pair has repeatedly attempted to close above 1.5, but has been rejected by this key resistance level at least five times since then. Currently, strong downside support, in the event of a continuation of the fall from resistance, resides in the 1.4400 price region. To the upside, the 1.5 zone should continue to serve as major resistance for the pair going forward.

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