Technical Analysis On GBP/USD

Watch 1.6700. It sits just beyond the 50% Fibonacci retracement level of today’s slide down to 1.6600. After the tremendous drop in prices when Fitch’s threatened to downgrade the UK’s AAA rating, prices look to have found support at the 1.6600 whole number and bounced to a high of 1.6696. Price has already breached the 50% Fibo level.

If prices hold above 1.6700, the rally has resumed.