Thursday, October 13, 2011

British Pound - Tests Resistance


Above is a daily chart of the British Pound vs The U.S. Dollar (GBP/USD). This currency's technical picture is very similar to what the Euro is doing right now. The British Pound is at the .382% retracement from points A to B. This Fibonacci number also coincides with major resistance. This is a powerful confluence of technical resistance so be on alert for possible signs of weakness here.

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