As technical levels become increasingly stretched above the psychologically significant 2.0000 level, cable traders look for signs of a top to form before initiating a short.
[I][U]GBP/USD Technical:[/U][/I] [B]GBP/USD[/B]
- Resistance: 2.0100
- Support: 1.9700
Technical analysts implement the simple moving average tool, expressing a move higher to test the 10-year high of 2.0130 reached on 4/18/07, before a reversal.
[I]See Daily Technicals for more details:[/I]