Forex Trading: GBPUSD Moves To Test Support At 1.6158 Level
The downside target of 1.6158 is approaching (see prior post). This level corresponds with the 100 bar MA on the 5 minute chart. It also is support off the daily chart going back to the August/September time period. Look for some profit taking buying against the level. A break would target 1.6114 level where the 200 bar MA on the same 5 minute chart is found.
The market in general is trading in a technical fashion today with key levels tending to hold resistance and support. The warning, however, is we are beginning to approach the end of the year where some last minute position squaring is likely to take place. Be aware that this, along with less liquidity, can lead to some unusual moves. So be aware. Be prepared.
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