GBP/USD Falls Back to Key Support
16 September 2011
WEEKLY CHART:
There has now been another test of the old falling return line. A break below this would boost downward momentum.
DAILY CHART:
The recent, steady drop back breached the channel base, an initial negative sign. The key 38.2% support level has been tested/eroded, with s/term support coming from a fresh channel base around 1.5710 currently. A bear signal would be given on a clear break of the latter now.
Next main focus would then be on the lower 1.5488 50% retracement.
Meanwhile first resistance to s/term rallies is offered by the underside of the former channel near 1.6000.
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