Although intra-day fall from 1.6496 on week UK data signals the decline from 1.6547 top is still in progress and may bring a stronger retracement of recent upmove to 1.6355-60 (38.2% Fibonacci retracement of 1.6055-1.6547) cannot be ruled out, near term oversold condition should limit downside and bring rebound later.
Source: ActionForexall Rss Feed
Wednesday, June 1, 2011
Trade Idea Wrap-up: GBP/USD – Buy at 1.6355
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