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GBP/USD Break and Retest (May 9, 2014)

After making a strong break past the 1.6800 major psychological resistance earlier in the week, GBP/USD might need to make a quick pullback before pushing for more gains. After all, the BOE interest rate decision turned out to be a non-event, with traders waiting for the minutes of the meeting before pushing the pair much higher.

The Fibonacci retracement tool applied to the recent swing low and high on the 4-hour chart shows that the 38.2% level lines up with an area of interest. However, the pullback might be too shallow to reach this area since stochastic is already indicating oversold conditions.

 

140509_gbpusd

A bounce off 1.6800 could lead to a rally back to 1.7000 if UK reports continue to come in strong. Going long at 1.6800 with a stop below the 61.8% Fib and a target of 1.7050 could mean a 2:1 return on risk.

By Kate Curtis from Trader's Way

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Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

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