Forex Investment and Currency Trading

GBP/USD - Already overshooting the 76.4 % retracement at 1.5449 and almost tackling monthly trend line support (now at 1.5208) 3 weeks ago the selling stampede finally reached equilibrium for the time-being. That said, chances to at least perform an intermediate recovery up to 1.7140/1.7232 (int. 38.2 % on two different scales) are not bad. Precondition though is the defence of key-support between 1.5279 and 1.5208 as a break below the latter would even call for an extension down to 1.4489 (61.8 % on big scale) if not to the old bottom at 1.3685. To signal a much stronger recovery
based on the whole decline from 2.1158 it would on the other hand take a decisive break above 1.7232.

Preferred play: Buy break above 1.5882 for a bounce up to 1.7140