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GBP/USD heading to 1.96?

In this monthly chart you can see that the GBP reached the all time high a few weeks ago and then regressed back down a little. It looks like it is time for reversal. Notice the Fibonacci retracements. The 38.2 level is at around 1.96 which is also the resistance line at 2004-05. Notice that the RSI went above 70 and is now under which is a good sign for reversal (Just like it happened twice in 2004). Now it will probably take a few months to happen but I think traders should keep an eye out for it.

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Permalink Reply by princess Todd on May 25, 2010 at 12:25pm: The Crumbling EUR 25.05.2010

Yesterday a low was seen in the EURO currency due to the news that Bank of Spain is now lead by the government reconstruction funds. This makes the euro to tumble down after hitting the high of $ 1.25. Since we have seen some earlier gain in the euro currency. There is rebound shown in the DOW after getting low in the morning it reaches to 11000 level so early. The Gold also gets rebounds and reaches to 1190 level where as crude oil is still below the 70 level. In US home sales annualized rate turns to 5.77 level as it rises more than expected but the economic data results in some downside in the Forex online market. But, it can be said that the EURO loss is limited that is the currency pair EUR/USD is selling above 1.23 level.

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