GBPUSD Closed the Week With A Thud
24
Aug
2012
2012
The GBPUSD climbed higher for the majority of the week. Breaking above the 50 fib at 1.5782, that had contained it for over a month. The pair reached its weekly summit on Wednesday at the .618 fib at 1.5904. After that point the cross slowly driftes lower and ended the week at about where it was before the FOMC announcement Wednesday. Heading into the start of next week I expect this pair to dance around the Fibs once again. Support begins at the 50 fib at 1.5782 and resistance is at the .618 fib at 1.5904.
Sup 1.5782
Res 1.5904
Keane Plan...Looking for range trading between the .618 and .50 fib to start the week.
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