GBP/USD Benefits Most Today But Runs Into Its Own Resistance

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GBP/USD Benefits Most Today But Runs Into Its Own Resistance

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

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The GBPUSD has benefitted again today but is currently testing the resistance at the 50% retracement level. The level comes in at 1.6231. The high reached 1.6248 on stop buying but has reversed back lower when upward momentum could not be maintained. The market seems to be tiring but waiting to see if a new push can be made. If done a new leg up should be made.

The move higher today, has seen the price move through the both the 100 hour moving average and the 200 hour moving average. The 100 hour moving average (blue line in the chart above) caused some resistance initially, but was able to final gain a momentum higher. Those levels currently come in at the 1.6118 and 1.6197 level respectively. They will be eyed as support going forward today. As long as the price can remain above, the bias remains to the upside.

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