GBPUSD: Sellers Target 1.60 Figure Again
Prices pulled back from falling trend line resistance set from the September 14 high to challenge support at 1.5996, the 38.2% Fibonacci retracement. A break below that exposes the 50% retracement at 1.5899. Trend line resistance is at 1.6169, with a break above that broadly exposing the 1.63 figure. Risk/reward considerations argue against entering a trade at current levels and we will stand aside for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.