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GBP/USD - Pound close to Fibonacci 61.8% support 1.6392

By:

Forexpros (Munther Marji )

2009-01-12 09:26:00 GMT

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Munther Marji

Mr. Munther Marji is the founder of The Technical Trader Analysis Services, which was founded in May 2003, and still generates technical analysis & forex signals on daily & weekly basis. He came to the world of forex as a broker in Dec 2000, .....

The Pound broke the support 1.6533 and successfully reached both suggested targets 1.6468 & 1.6430, and stopped (twice) close to Fibonacci 61.8% support 1.6392. The current rise will stay corrective and short-lived as long as it fails to break 1.6509. If price stops between the current levels and that resistance and started to fall, that would be an evidence that the young and short correction is over, and that bears will come back to take control. This scenario gains more confidence the minute we break short-term support 1.6418. If this happens, we will target 1.6336 first, then 1.6259. On the other hand, a break of 1.6509 would prove strength, targeting 1.6576 first, then the most important resistance for the time being, the falling trendline from November 17th top, which is currently at 1.6657.

Support:
• 1.6418: short-term support.
• 1.6336: previous well known support/resistance area.
• 1.6259: Nov 3rd low, a well known previous support.
Resistance:
• 1.6509: Fibonacci 61.8% for the short-term.
• 1.6572: important intraday resistance from yesterday.
• 1.6657: the falling trendline from 1.6743. The most important resistance for the time being.

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