26th Apr - GBP/USD Now Testing Key Resistance
26 April 2012
WEEKLY CHART:
In Jan clear support was seen at the support line, avoiding an acceleration downward. Can the recovery receive a boost and continue towards the 2011 high?
DAILY CHART:
Latest strength has seen a return to the area of the 1.6165 Oct-11 high. This coincides with the 61.8% recovery level and looks to be a key/pivotal chart area.
A break through this would be bullish and could well open the way for a return towards the 1.6745 Apr-11 high area. Intervening resistance is offered by the 1.6388 76.4% level.
A reversal back through the 1.5800 level would pour cold water on this scenario.
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