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GBP/USD rallies, $1.66 to hold support?

Posted on September 10, 2009 at 19:23 in Trading Desk by Ryan O'Keefe

Howdy Folks,

Another day, another high. The GBP/USD rallied again today closing strongly above $1.66. The contrarian in me screams “pull back’s a coming” but the bottom line is we really don’t know what tomorrow will bring. The next major supply level isn’t until $1.6950 but there could be some minor resistance in the $1.67 area. On the long side, I expect $1.66 to be tested from above but there may be enough momentum to pop GBP higher before that happens. I think $1.66 or $1.67 is definitely in play for a potential bounce during the upcoming session, I’d watch those rounds closely. On the bargain day front, nothing much to speak of. This quick rally offered a good deal on Monday but left anyone who missed that in the dust.

Best of luck,

Ryan

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