Great British Pound (GBP) Technical Major Currencies (2009-12-24)

The cable managed to achieve ascend, where through it pivotal resistance was 1.5975 and before that resistance levels for the bearish short term. The ascend from yesterday till now is showing an intraday bullish technical pattern that points to the need to bullishly correct; starting from the breach of 1.5975 that targets 1.6045 and then 1.6125. From here, we see that the expected direction for today is a bullish correction; however, it is vital that the breach of 1.5920 will cancel out any chances of achieving this correction and resume the bearish direction once again.

The trading range for today is among the key support at 1.5800 and the key resistance at 1.6175.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

Weekly ReportMonthly ReportSupport1.59751.59201.58501.58001.5760Resistance1.60451.60851.61251.61751.6220RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.5975 targeting 1.6045 and stop loss below 1.5920, might be appropriate.