Forex Trading: Gbp/Usd Approaching Full Retracement Of Friday’s Move
As stated in an earlier post, Gbp/Usd has been poised to retrace Friday’s move from 1.5050 to 1.5217. The pair is not far off from a full retracement , although strong support should lie at the 1.5050-55 level, as this signifies the 200 hour M/A (1.5054) and 100% retracement (1.5050). not far below lies the 100 hour M/A at 1.5033. It is unlikely this first time down the pair is going to break clean through. A brief correction to 1.5100-10 is possible, though the overall outlook still appears bearish.
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