Chart Analysis: GBP/USD

Wednesday, November 4, 2009

The GBP/USD was down testing close to the two-week low of 1.6250 Tuesday. This area also coincides with the 21- and 55-day moving averages and serves as the trigger for a larger downside view if a break holds.

It is always interesting when the Forex Online market is trading close to key levels ahead of big events, like FOMC later on today and Bank of England meeting on Thursday (just to name the two biggies) If support survives for now, the focus reverts to perhaps 1.6500 as an upside swing level and then the 1.6700 area.


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