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GBP/USD Runs Into Some Upside Resistance And Falls Sharply
By Greg Michalowski on July 21, 2009 | More Posts By Greg Michalowski | Forex News By FXDD
The GBPUSD is running into some topside resistance against the 200 bar moving average (currently at the 1.6485 level) . Also at the top is the 61.8% retracement at the 1.6489 level. This provided the sellers an opportunity to sell.
And sell they did. The price has moved back toward support against the 100 bar MA at the 1.6448 level. A break of either level (1.6485 or 1.6448) should lead to further moves in the direction of the break. BE ON ALERT.
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