The IMF warned the lack of a “credible” plan for the U.K. budget will put pressure on the pound. This along with the CIT worries of bankruptcy and a lower US stock market has led to a sell off in the GBPUSD today as funds move back into the dollar. The pair move back to resistance at the 1.6366 level. The 38.2% retracement of the last move up comes in at 1.6308. These levels will provide the intraday reistance up above (the high correction price off the 8:30 numbers came in at 1.6306). The 1.6256 level is support on the downside.
Target Area around 1.6250 area:
.500 fibo
S4
T30
Previous resistance now support from 240 chart
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