Forex Trading: British Pound A Big Winner In Tuesday’s Trading

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Forex Trading: British Pound A Big Winner In Tuesday’s Trading

By Greg Michalowski on June 30, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The Sterling and Crude Oil have been the big winners to start the trading day in Asia, as Cable is up over a figure from its session lows. The GBP/USD pair has been ascending in a relatively orderly fashion as it has not had significant break of the the 21 day moving average for 2 months.

However the chart below shows the pair approaching the 50% retracement of the move lower from summer of 2008 when Crude Oil was trading in excess of $140. We will watch the 21 day moving average as our first level of support and the 50% retracement as the next significant technical obstacle.

gbpusd1

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