GBPUSD It’s All About The Fibs
2012
The GBPUSD has had trouble gathering momentum higher over the last few weeks. The pair appears to have hit a wall at the .618 fib from May's decline at 1.5905. The cross is currently in a wedge of sorts. The bottom of the wedge is created by the ascending trend line around 1.5850. The top of the wedge is at the .618 fib at 1.5904. A break of the bottom of the wedge exposes the 50 fib at 1.5782. On Thursday the Bank of England interest rate decision is due. The pair could consolidate between the Fibs until then.
Sup 1.5850 1.5782( 50 Fib )
Res 1.5904 (.618 Fib)
Keane Plan... Looking for consolidation between the fibs. A trend line break opens the 50 fib at 1.5782.
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