GBP/USD Tests Fibonacci Support And Moves Higher

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GBP/USD Tests Fibonacci Support And Moves Higher

By Greg Michalowski on October 12, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The GBPUSD moved to a low of 1.5727 this morning. The 38.2% of the move up from the March low of 1.3653, to the high on August 5th at 1.7028 comes in at the 1.5739 level. The prior low came in at 1.5769.

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Last Friday’s close came in at the 1.5844. This is the lowest closing level since May 21st, 2008. We will watch this level today for upside sellers/profit takers. ON the downside, watch the 1.5802-05 level to provide support. This level is where the current 100 bar MA on the 5 minute chart is found. If this level gives way look for further moves to the downside.

If this level holds, bulls will need to get the satisfaction from a move above Friday’s close. If not, the market will likely drift to new lows for the pair. Currently, NY is getting off to a slow start.

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