The GBP/USD is falling from the peak reached on Friday. It has now pulled back 38.2% of the previous move and broken below the monthly pivot. It will probably continue to fall until it reaches the top of the range at 1.5605. This is also the level of the 50% Fibonacci line adding further support. On the other hand a recover could lead to a final move back up to the level of the highs at 1.5760.
Analysis prepared by:
Joaquin Monfort
Forex4you analyst
Dheeraj Plaza, Hill Road, Bandra West, Mumbai 400050, India (please see "Offices")
Phone: 022 265 130 61 (+91 22 265 130 61 when calling from outside of India)
E-mail: info@forex4you.in
Legal terms | Privacy policy | Licence
Forex4you
© Copyright 2007-2012,
E-Global Trade & Finance Group, Inc. is authorized and regulated by the FSC under the Securities and Investment Business Act, 2010 License#: SIBA/L/12/1027
Trading on the Forex market involves significant risks, including complete possible loss of funds. Trading is not suitable for all investors and traders. By increasing leverage risk increases (Notice of Risk).
The service is not available for US residents