What happen on Friday during US market? The GBP suddenly shoot up. Is it an indication of the weakening of the US economy? Everyone is now expecting a slow down, after speeches from Ben Bernanke and President Bush.
The EUR, YEN and CHF has made stronger against the USD. It is a matter of time (which happen last Friday) before a strong breakout.
Technically, GBP can climb to the next high at 2.0700, which is the Fib retracement line. That will be a new high for GBP and a strong resistance line. GBP is indeed overbought (using CCI).
A short retracement is expected, using either the daily chart or the 1 hour chart. CCI has indicated a reversal. Using the daily chart, the support line is at EMA21 and using the 1 hours chart the support line is at EMA100. The price is estimated at 2.0390.
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