Morning Reporteurgbp06_01_2012

The royal pair has closed negatively yesterday below the support of 0.8270-turned into resistance- supporting the downside rally resumption over intraday basis. EMA 50 continues adding further pressure on the pair. Targets are seen at 0.8170 where we should watch out the price behaviors cautiously as a break below this level will bring aggressive downside wave towards the psychological lvel of 0.8000.

The trading range for the day is expected among the key support at 0.8170 and the key resistance at 0.8480.

The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.

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RecommendationBased on the charts and explanations above we recommend selling the pair around 0.8270 targeting 0.8170 and 0.8100 ,stop loss with four-hour closing above 0.8350 may be appropriate