Chart of the Day
GBP/USD Daily Chart — September 16, 2011
Unable to get above 1.6410 the GBP/USD had fallen to 1.6175 which was right into our support zone of 1.6200 – 1.6170 and then rallied briefly. The swing high of 1.6336 has seen the currency pair drop lower today and may form a retracement at 1.6209 which if sustained may help the pair to get back above 1.6336 in the afternoon session. Further weakness if the support level does not hold may take the GBP/USD below 1.6175 to the key level if 1.6150 – 1.6133 but the bulls just may get the upper hand if 1.6336 can be achieved to aim for the 1.6410 level again.
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