GBPUSD—still below 1.5486

Lots of chatter out there about how this pair might push up to 1.5500. As my analysis yesterday made clear, there is room for a move as far as 1.5681 to 1.5763. However, it's still hovering below its 1.5486 high from earlier this week. With the drop down to a low of 1.5350 yesterday a long looked more attractive and I did go long at 1.5371. It's reached a high of 1.5454 this morning but has since fallen back a bit. One can make a case that it's consolidating within a triangle on the three-hour chart.

Support is at 1.5376, 1.5337 and 1.5130. Resistance is at 1.5454, 1.5486, 1.5576, and 1.5681. Exceeding 1.5681 would give it a shot at 1.5763.

Here's the three-our 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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