GBP USD Hits 50% Level at 1.6508

The GBP USD enjoyed early gains today based on friendly comments from the Bank of England minutes but is now showing signs of topping.

The GBP USD enjoyed early gains today based on friendly comments from the Bank of England minutes. 

After the Fed FOMC announcement, the GBP USD spiked up to 1.6467 before meeting heavy selling pressure.  This rally took the market to slightly above a key 50% area at 1.6436.

Based on the short-term main range of 1.6741 to 1.6132, traders should continue to treat 1.6436 to 1.6508 as key resistance.

Traders should look for a break back to at least 1.6300 based on the current chart formation.

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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