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Forex trading: GBPUSD follows the dollar buying after the Fed

Falls below trend line support

The GBPUSD has fallen lower after the Fed tightened rates by 25 basis points (dollar higher). The move lower Wicca has seen the price take out the 200 hour moving average at 1.2655, the 100 hour moving average 1.26348 and a trend line connecting recent lows. That line cuts across at 1.2608. That level is now close resistance /risk for the shorts/sellers.

The price has stalled above and below the 38.2% retracement of the most recent move up. That level comes in at 1.25939. We trade around that level now.

If the price can stay below the 1.2608 level, the sellers remain in control. We sshould see a rotation down toward the next key support area that comes in at around the 1.2538 to 1.2447 area (see chart above.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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