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GBP/USD Classical 27/09/2010
Written by article default Monday, 27 September 2010 12:25
GBP/USD: The latest break back above 1.5700 threatens the integrity of the downtrend and potentially exposes a move back towards 1.6000 over the coming sessions. The 78.6% fib retrace off of the 1.6000-1.5295 move comes in by 1.5845, and a close above this level will significantly increase the likelihood for a full retracement to 1.6000. Inability to close above 1.5845 keeps the prospects for a bearish resumption intact.
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