June 30, 2011
Will GBPUSD Resume Lower? GBPUSD rallied to 1.6115 highs in the Asian session only to fall in a vicious sell-off to 1.5980. However, 15980 has become a strong level of support this week, best seen on the hourly (or 5-minute) chart. A bounce off this level targets the top of the consolidation range at 1.6040/50. A break there targets highs again above 1.6100. If GBPUSD is to continue its bear trend, price will need to break and hold below this 1.5980 level.

Will GBPUSD Resume Lower?

GBPUSD rallied to 1.6115 highs in the Asian session only to fall in a vicious sell-off to 1.5980. However, 15980 has become a strong level of support this week, best seen on the hourly (or 5-minute) chart. A bounce off this level targets the top of the consolidation range at 1.6040/50. A break there targets highs again above 1.6100.

If GBPUSD is to continue its bear trend, price will need to break and hold below this 1.5980 level.

3:36am  |   URL: http://fmfx.tumblr.com/post/7078047269/gbpusd-support
(view comments) 
(No. OF NOTES: 78)
  
FILED UNDER: GBPUSD hourly chart technical leveltowatch 
  1. fmfx posted this
blog comments powered by Disqus