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Currencies: Technical Strategies
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GBP/USD: Key Levels to Watch
Wed, Apr 23 2008, 13:00 GMT
by Andrei Pehar
The British Pound is still very much in a range against the US Dollar, one lasting over 4 months now. While that range is quite large (1.9541 - 2.0160) and provides lots of great trading opportunities, it is still well worth being aware of the key levels.
The fact that 1.9851 has failed to hold as support (along with the weekly 21 exponential moving average) suggests that our bottom at 1.9541 may be tested again some time in the future. If that fails to hold as support, we could see prices (eventually) as low as 1.9101
If price can manage to pull itself back above the 1.9851 mark on the other hand, then a rally to 2.0160 could follow (much depends upon whether we see more negative housing news out of the UK, or whether oil continues to set new highs and puts new pressure on both the Dow and the Dollar). Price would need to be above 2.0542 to convincingly show signs that a new long-term bullish trend is emerging.
So, for now, 1.9851 remains the critical level to watch.
Published on Wed, Apr 23 2008, 14:07 GMT
Archive
- An Interesting Chart- The USD/CAD Weekly
Published On Fri, Oct 30 2009, 22:25 GMT - Next Levels to Watch on the EUR/USD
Published On Thu, Sep 24 2009, 01:22 GMT - Key Level to Watch for the Yen
Published On Mon, Mar 16 2009, 20:04 GMT - How Much Further Can the Pound Fall?
Published On Tue, Jan 13 2009, 13:33 GMT - Has the Aussie Found Bottom?
Published On Wed, Oct 22 2008, 20:29 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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