GBPUSD - daily technical outlook

By IBTimes Staff Reporter | January 21 2010 3:24 AM

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GBP/USD closed lower due to profit taking on Wednesday as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing would signal that a short-term top has been posted. If it extends this month's rally, the reaction high crossing is the next upside target.

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