Pound versus the Dollar and Yen May 24th

FX Strategy Video > Currency Pairs Analysis

The GBP/USD keeps falling, and it looks as if the market wants to retest the 1.60 level, an area that has been extremely important in the past. This area will decide the intermediate direction for the cable as it is lining up as a "battlefront" of sorts for the pair. The GBP/JPY is fighting, and the central banks are waiting below to push prices higher. Perhaps this is why we formed a hammer on Monday - the traders know better?

Published on 23rd of May 2011
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