GBP/USD Comes Off The Highs But Finds Intraday Support

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GBP/USD Comes Off The Highs But Finds Intraday Support

By Greg Michalowski on June 26, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The GBPUSD reached a high of 1.6534 today. The pair has corrected off the high toward intraday support at the 1.6460 to 1.6469 level. The 100 bar moving average on the 5 minute chart and 38.2% retracement of the days range provide the support levels. A break below would target the next support around 1.6445 area.

The low today was at the start of the day. However, the pair has not been without its ups and downs. The pair is subject to a large number of choppy activity which raises the risk of trading the pair.

On the daily chart, the pair is really stuck between the 1.6200 and 1.6600 level.Since the end of May, all but one day has traded within this range. Over the last 13 days the price has a low of 1.6187 and a high of 1.6620. However over that period the lowest close was 1.6317 and the highest close was 1.6589. Activity remains consolidative and non -trending.

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