GBPUSD: Consolidation period between 1.5800 and 1.6700, Fibonacci point at 1.6429.

[RTFX-Trading]

GBPUSD: Consolidation period between 1.5800 and 1.6700, Fibonacci point at 1.6429.

The pair of the Pound against US Dollar (GBPUSD) is, as the USDCHF, within a band of consolidation between 1.5800 - 1.6700. It is also in the area of a Fibonacci 38.2% retracement of the last major drop from 2.1162 to 1.3504 from November 2007 to January 2009.

The general market sentiment is for a decline of the Pound, as England is one of the countries that were hit hardest by the financial crisis. However, my personal feeling is rather a return of the GBPUSD to higher consolidation zone than 1.6700, which in case of breakage, a rapid rise to 1.8200-1.8600 is possible. According to our sources, a series of buy stop orders of large customers are placed above 1.6700.



Nicolas Longchamp
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