Technical Analysis: GBP/USD 2012.03.16
March 16, 2012 10:43
The pair is trying to hold above the 1.5680-1.5700 support-turned-resistance area, right where the 50-Day SMA and the 100-Day SMA reside. Should it succeed, the uptrend will likely continue towards the 200-Day SMA by 1.5860 or the 1.6000 resistance. Otherwise, we could see a new drop to the 1.5500 support, with a break below to aim the pair for testing the 1.5230 low.
Edward Smith, technical analyst of company Admiral Markets.
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