GBPUSD: Correction Triggered.
GBPUSD-GBP came off its intra day low at 1.5706 to close higher on Tuesday and was seen building on those gains in early trading today. Having temporarily halted its ST downtrend triggered off the 1.7041 level, threats remain higher towards its Sept 30'09 high at 1.6124. Ahead of that level will bring the 1.6300 level, its psycho level into focus and then the 1.6463 level, its Sept 23'09 high. The current strength is counter to its ST downtrend and remains corrective. Its daily RSI is bullish and pointing higher suggesting further strength. Supports are located at the 1.5837 level, its Oct 13'09 high and the 1.5706 level, its Oct 13'09 low with a turn below the latter accelerating further declines towards the 1.5500 level, its psycho level and then its .50 Ret( 1.3652-1.7041 rally) at 1.5350. On the whole, GBP has triggered a corrective upmove halting its ST downtrend and targeting further upside.
Daily Chart: GBPUSD