GBP/USD Breaks Below The First Major Support: Forex Chart Alert
June 19, 2013 11:59 pm GMT+0 in Forex Analysis
GBP/USD could not sustain above the 200-day moving average and broke that support quite strongly. We have talked about this possibility and some other supports in the previous chart alert which can be seen here and in fact we recommend to see this previous chart alert and also the one before that. Not only this but the currency pair also broke below 1.5488 support which was mentioned in the above mentioned alert.
GBP/USD’s break of 200-day moving average support
Now the next immediate support is 55-day EMA which is currently at 1.5415. Even if this support works, we expect the 200-day moving average to work as resistance now. The current 200-day moving average is at 1.5548. A break below this should bring further downward moves.
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You may also like to see the weekly GBPUSD forecast.