Thursday, March 15, 2012

Forex pairs to observe-3.14.2012

Gbp.Usd

The cable touched down the 1.27 fib level at 1.5600 and jumped right back up with an impressive bullish engulfment candle on the 4H. It was sitting right at support levels when that happened but the bears put up a good fight and slowly took back control of this pair. At the moment the cable is slowly sinking to take out the low it made at the 1.27 level and go after the fib target of 1.5526. The next level of support can be found around 1.5420. Keep in mind the US is releasing a lot of fundamentals tomorrow which can really push this pair aggressively one way or another.

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