GBPUSD, Wednesday, July 1, 2009
An update of the pattern explored in last Thursday's post.
Looking at a 4 hour chart, we see how the minor Fibonacci level (2.058) formed a sort of center of gravity for trading for most of June. Then after yesterday's rally, a sell off came to an end this morning right at that level.
If that level holds as support (rather than a mid-point of a trading range), then we could be looking at a rally towards the 2.618 extended target above 1.71.
