Technical Analysis – GBPUSD at key turning point
Posted on January 29, 2014 at 9:22 am GMTCable traded a tight 30-pip range in the Asian session today, with congestion around 1.6582, which is the 23.6% Fibonacci retracement level of the up-leg from the January 17 low (1.6308) to the January 24 high (1.6667). This level is an important turning point for the pair which could turn to the upside or downside. GBPUSD has tested the key 1.6600 level several times in the past week but has remained capped below this strong resistance level. Tuesday’s UK Q4 [..]