GBPUSD: The pair's recovery initiated off its 2010 low at 1.5343 lost upside momentum today after hitting an intraday high of 1.5574. The GBP is now seen threatening to weaken further towards the 1.5343 level which also represents its hammer low. On a clearance of that level, GBP will trigger its medium term resumption towards the 1.5276 level, its .50 Fib Ret (1.3501-1.7041 rally) with a break of the latter exposing its big psycho level at 1.5000 and possibly lower. On the upside, a break and hold above the 1.5574 level is required to reverse its current downside weakness and bring further recovery higher towards the 1.5626 level, its Feb 16'10 low and then the 1.5814 level, its Feb 17'10 high where a cap is expected to turn the pair back down again.
Join the Discussion