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GBPUSD now has a support picture in 1.5400

Discussion in 'Technical Analysis' started by ForexLive, Oct 16, 2015.

  1. ForexLive

    ForexLive Forum Member

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    After the 300 pip run up from 1.5200 picking support yesterday was tough. Now we have some levels to watch My worry yesterday was that after the quick rally to 1.55, any decent dollar strength heightened the risk that a retrace could be just as sharp. Whenever we see a big fast move up or down the first thing I do is look to see where the levels might develop. That can simply be where the move ran into support or resistance forcing traders to push a bit harder. A move stopping somewhere for even 10-15 minutes means there's something going on there and makes the level worth noting if the price then reverses.

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