Does The Buck stop here ? – GBP/USD hits key resistance level

The GBP/USD hit key resistance yesterday after an impressive, almost straightline rally over the last couple of months from 1.40 up to yesterday’s high of just over 1.59. Profit takers at yesterday’s technical level may take the steam out of this contract for the next few days, althgough a significant retracement is unlikely; range trading may well be the order of the day.

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About Simon Brown
Simon Brown has over 20 years experience trading Derivatives on everything from Gold, FTSE to Dollar/Pound. Simon has lectured in Trading Psychology, Strategy and Technical Analysis, in addition to regular appearances on CNBC television. He is now Managing Director of ProSpreads.

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