GBPUSD Less Then Dazzling Drop
2012
The GBPUSD broke below support at 1.6170 on Wednesday without much fan fare. Below this level rest a trifecta of support levels that could hinder the pairs decline. The monthly trend line that has acted as resistance for over a year is now support around 1.6110. The ascending trend line from September's climb higher rests at 1.6060. Followed by daily price support at 1.6050. A break of these levels will be a clear sign of a reversal to the downside. Resistance now begins at 1.6170 followed by 1.6330.
Sup 1.6110 1.6060/50
Res 1.6170 1.63
Keane Plan.....Support is scattered below this level...Watching price action at these levels. A push back above 1.6170 favors a move higher.
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