GBP USD Hourly Chart Indicates Support at 1.4750

After trading in a tight and narrow range for several hours, the GBPUSD plunged sharply lower following the release of the FOMC meetingresults.

After trading in a tight and narrow range for several hours, the GBP USD plunged sharply lower following the release of the FOMC meeting results.

Although the break was sharp from the high at 1.4813, so far it looks like a retracement of the 1.4686 – 1.4813 range.  The retracement zone in this range is 1.4750 to 1.4608, 

The trend is up at this time on the hourly chart, but will change to down following a break through 1.4686. Continue to trade the long-side on this dip as long as the trend remains up.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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