Great British Pound (GBP) Technical Major Currencies (2010-01-11)

The cable is trading around the MA 100 today, in an attempt to breach and stabilize above and therefore insuring the expected bullish short term direction mentioned in our previous reports. Meanwhile, trades stabilized above pivotal support 1.5900, after a busy week filled with strong economical data that insure the bullish slant. From here, we see that the expected direction for this week could be bullish on the short term; targeting mainly touching 1.6365 and then might have to slightly bearishly correct to gain bullish momentum that supports achieving more ascends towards 1.6500. Chances of these expectations continuing will prevail if 1.5850 remains intact.

The trading range for today is among the key support at 1.5850 and the key resistance at 1.6500.

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

Previous day ReportSupport1.60201.59201.58501.57351.5615Resistance1.61451.62501.63251.64101.6500RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.6020 targeting 1.6250 and stop loss below 1.5920, might be appropriate.