GBPUSD—broke 50% support

This pair never got above Tuesday's high of 1.5576 so that was the bounce off the 1.5348 low. It's now down to a low of 1.5245 after trying to hammer out a low at 1.5272. It may climb back to 1.5272 which would be a nice shorting point. 1.5345 would be even better. 1.5299 was the 50% Fibo level of the 2009 rise and a break of that is significant.

Support is at 1.5127 and 1.5036. Below the psychological 1.50, you could see 1.4763, the long=term daily uptrend line.

Resistance:

1.5272/99
1.5345/48
1.5430

Here's the three-hour chart:



















© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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