19th March 2009 GBP/USD part 2


GBP Monthly and Weekly

HOOK pattern played out nicely into the March 50% level.

March 50% level is viewed as resistance, but as we have been seeing in both the AUD & Euro, currencies are blasting through them and continuing towards the 3-month highs.

It's now whether the GBP stalls or breaks out...

If it stalls then next week's 50% level will be support looking for the new move higher, otherwise GBP will probably follow AUD and Euro higher.