Forex: GBP/USD, still aiming to 1.5830 area - FXTechstrategy

FXTechstrategy, within a wider downtrend towards 1.5830.

Current uptrend has been corrective in nature, according to Mohammed Isah, and the pair continues its dowtrend towards 1.5830: With the pair failing to force further corrective recovery through the 1.6234/39 levels and declining to close lower the past week, risk continues to be seen towards its Dec 30'09 low at 1.5830.

Below 1.5830, Isah sees the Pound targeting 1.5706 area: A clean invalidation of that level will clear the way for a run at the 1.5706 level, its Oct 13'09 low with sustained break below there seeing a 100% price retracement (from 1.5706-1.6875 levels) and opening the door for additional downside towards its .50 Ret (1.3501-1.7041 rally) at 1.5273.

On the upside Isah points out to 1.6234/39: On the upside, a break and hold above the 1.6234/39 levels must occur to put our downside view on hold and trigger further upside gains towards the 1.6409 level, its Dec 16'09 high where a cap may be seen thereby turning the pair lower.

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