GBPUSD GDP Worries

23 Jul
2012

The GBPUSD made short work off last weeks gains.  The cross has dropped 200 pips in the last 2 trading days.  The par has found a bit of support at the 1.5520 level.  This price level represents a the bottom of last weeks move higher.  A hold or break of this price could dictate price action into the beginning of the week.  A hold above 1.5520 and we could see a retest of past support now turned resistance at 1.5580.  A break of this level and the next level of support is at 1.5460 followed by the monthly lows at 1.54.

Support                            1.5460              1.54

Resistance                       1.5580

Pivot                                 1.5520

Plan:  Watch the 1.5520 level for direction

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