GBPUSD :An attempt on the upside following the pair's strength activated at the 1.4110 level, its Mar 30'09 low failed Monday ahead of its key resistance zone seen at its Jan 16'09/Feb 09'09 highs at 1.4981/86.While this may have halted upside momentum temporarily, as long as the mentioned corrective decline is contained within its established ST rising channel, risk remains to the upside with a retarget of the 1.4981/86 zone expected. Above there will resume GBP's recovery started at the 1.3655 level, its Mar 11'09 low towards the 1.5374 level, its Jan 08'09 high. Alternative, building on its Monday losses will mean further downside prices targeting the 1.4662 level, its Feb 23'09 high at first with a loss of there accelerating downside losses towards the 1.4305 level, its Mar 06'09 low and next the 1.3845 level, its Mar 18'09 low. All in all, we retain our bullish bias while the pair continues to maintain within its rising channel.

Support Comments

1.4662 Feb 23'09 high

1.4305 Mar 06'09 high

1.4137 Feb 12'09 low

Resistance Comments

1.4981/86 Jan 16'09/Feb 09'09 highs

1.5373 Jan 08'09 high

1.5722 Dec 17'08 high

Daily Chart: EURUSD

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EURGBP: Support Seen At The 0.9036 Level.

EURGBP : Although part of intra day losses were reversed on Monday, as long as the cross continues to trade below its invalidated rising channel, risk remains to the downside towards the 0.9073 level, its Jan 26'09 high. On a break of the latter level further price declines should follow towards the 0.9011 level, its Mar 02'09 high with next two downside objectives seen at the 0.8951 level, its Mar 09'09 low before the 0.8911 level, its Mar 02'09 low. On the upside, resistance levels are located at the 0.9145 level, its Mar 16'09 low followed by the 0.9320 level, its Mar 12'09 high with a loss of there exposing the 0.9418 level, its Mar 27'09 high followed by the 0.9499/0.9521 levels, its Jan 26'09/Mar 18'09 highs. On the whole, EURGBP remains vulnerable while trading below its broken rising channel

Support Comments

0.9073 Jan 26'09 high

0.9011 Mar 02'09 low

0.8951 Mar 09'09 low

Resistance Comments

0.9145 Mar 16'09 low

0.9320 Mar 12'09 high

0.9418 Mar 27'09 high

Dailly Chart: EURGBP