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Currencies: Technical Strategies
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GBP/USD − Still Ranging
Thu, Jul 10 2008, 11:08 GMT
by Andrei Pehar
The British Pound is still very much ranging against the US
Dollar.
There is a smaller range in play from the weekly S2 pivot at 1.9663 up to the
weekly M2 median at 1.9808, as well as a larger range which has been in place
since December 2007, which spans from the 0% Fib at 1.9336 to the 50%
retracement 2.0248
If price can break out of its current range to the upside, resistance is
waiting at 1.9874, 1.9953, and 2.0033; if price breaks to the downside, then
look for support at 1.9597, 1.9531, and 1.9336.
In the meantime, 1.9766 remains the central level which price is consolidating
around - and whether that ultimately ends up being our support or our
resistance may well help determine future direction.
Published on Thu, Jul 10 2008, 11:25 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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