Thursday, August 06, 2009

British Pound - Update



The British Pound sold off today after moving higher over the last 5 days. The breakout level from last month was 166 so I would expect the 166 level to provide support.

2 comments:

Mike Truong said...

Kevin,

On the chart I have 164.50 range as the 38.2 retracement level from the drop starting from nov 2007 to feb 2009. If we pierce the 166 support down to 164 level would you still hold or sell and wait for another setup. Personally I think if we pierce the 164 level the next support is 160 then 153. On overhead resistance 170 then 173, 183, 187.

Thanks,

Michael

Mike Truong said...

I am sorry I meant to say 50% fib not 38.2. Sorry

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