May 31, 2011
Update On The GBPUSD Just an update to the chart from yesterday’s analysis. After a spike higher during the Asian session, the 50% Fibonacci level has held and the pair is continuing lower into the Asian close. The pair is well set to move lower and make new lows below 1.6422 as expected. UK manufacturing, net lending, and money supply numbers are due later this morning in the European session. Any upside surprise in the data may upset the current setup. What is more likely, however, is another spike higher that will be met by sellers before the pair moves below 1.6400. 1.6500, now the 61.8% Fibonacci level of yesterday’s price action, has to hold as resistance for this to be true. Be mindful of news and trade what you see! Downside targets are 1.6393 and 1.6360. If bulls step in in a major way due to news, upside targets are 1.6545 and 1.6640.

Update On The GBPUSD

Just an update to the chart from yesterday’s analysis.

After a spike higher during the Asian session, the 50% Fibonacci level has held and the pair is continuing lower into the Asian close. The pair is well set to move lower and make new lows below 1.6422 as expected.

UK manufacturing, net lending, and money supply numbers are due later this morning in the European session. Any upside surprise in the data may upset the current setup. What is more likely, however, is another spike higher that will be met by sellers before the pair moves below 1.6400. 1.6500, now the 61.8% Fibonacci level of yesterday’s price action, has to hold as resistance for this to be true.

Be mindful of news and trade what you see! Downside targets are 1.6393 and 1.6360. If bulls step in in a major way due to news, upside targets are 1.6545 and 1.6640.

11:44pm  |   URL: http://fmfx.tumblr.com/post/6065092239/gbpusd-update
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