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 GBP/USD - Resistance Level At 1.68 Looms Large

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Join date : 2012-01-25

PostSubject: GBP/USD - Resistance Level At 1.68 Looms Large   Mon Mar 10, 2014 10:46 am

GBP/USD - Resistance Level At 1.68 Looms Large

The last few days of last week saw the GBP/USD continue to edge higher back towards the short term resistance level at 1.6750. Just above that level is the resistance level at 1.68 which continues to loom large and ready to offer an obstacle to higher prices. Earlier last week the pound fell sharply away from the resistance level at 1.6750 and rest on a support level around 1.6650 before rallying higher again. Over the last few weeks the GBP/USD has received solid support from the key 1.66 level after it retraced strongly from the resistance level at 1.68 and over the last couple of weeks it had been edging higher slowly placing upwards pressure on a short term resistance level at 1.6750. In early February, the pound enjoyed a very healthy time moving well from the support level at 1.6250 through 1.6450 before pushing on to the multi-year high above 1.680.
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