Forex Trade Setups Commentary: GBPUSD holds support near 1.5500 8-18-10

GBPUSD holds support near 1.5500

The GBPUSD held support at 1.5500 today creating a false break of Tuesday’s inside bar in the process.

1.5500 is a strong support level as evidence in the chart below suggests. As such, this level will be very important in determining the near term fate of the GBPUSD. Currencies are in “hurry up and wait” mode as there is not much else going on currently.

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Commentary:

The U.S. dollar was mixed today, gaining modest ground on the Australian dollar and Euro, while losing to the other majors.

The Dow rose 9.69 points, or 0.09 percent, the S&P 500 added 1.62 points, or 0.15 percent, and the Nasdaq added 6.26 points, or 0.28 percent.

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