GBPUSD—still weak

Despite its little rally where it went to a high of 1.5323 (not quite reaching my 1.5345 entry point), this pair is weak and looks as though it may resume its drop. I may try to short if it reaches its short-term uptrend line it just dropped through, around 1.5250.

1.5299 was the 50% Fibo level of the 2009 rise and the break yesterday was significant. It didn't get very far above that before turning down again.

Support is 1.5242, 1.5189, 1.5127 and 1.5036. Below the psychological 1.50, you could see 1.4763, the long-term daily uptrend line. Resistance is 1.5272, 1.5323, 1.5348, and 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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