06th Jun - GBP/USD Now Nearing Key Support
06 June 2012
WEEKLY CHART:
Note how the falling support line around 1.5200 just now coincides with a 61.8% retracement at 1.5190. These combine to provide key support, breaking which would be a fresh bear sign.
DAILY CHART:
The sharp drop back has virtually undone earlier gains during 2012. The 1.5233 Jan low is now under threat. Also note, below the 61.8% retracement (see Weekly chart), there is potential support coming from a channel base projection at 1.4965.
First resistance is offered by the 1.5600 12-Mar low area.
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06th Jun - Sugar Drops Towards Dual Support