Monday November 3, 2008 - 16:53:31 GMT
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Forex Trading: EURGBP buying helped GBPUSD selling
The sharp sell off in the GBPUSD to the 61.8% retracement support (see previous comments) has been helped along today by strong buying in the EURGBP.
In the chart above, the pair had been tracking the 200 hour moving average - bouncing off the level on 3 separate occasions. On the 4th attempt today, the pair broke through and moved sharply higher.
The move higher had traders selling the GBPUSD to hedge part of the risk. With the GBPUSD finding support at the 1.5801 level, there probably will be some corrective action in the pair.
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