Great British Pound (GBP) Technical Major Currencies (2010-01-13)

By @ibtimes on

Morning Report

The cable is near to reaching the main target mentioned yesterday at 1.6240, while continuing the minor bullish technical formation that we see will contribute in pushing the pair to the upside to achieve more expected bullish intraday direction. From here, we see that chances of breaching pivotal resistance 1.6240 seem near and possible for today to pave the way to head towards resistance for the descending channel 1.6370, which is expected to be breached due to the bullish technical pattern formation affecting it and targets main levels 1.6550. The suggested scenario remains bullish if 1.6060 remains intact.

The trading range for today is among the key support at 1.5965 and the key resistance at 1.6410.

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

Weekly Report Previous day ReportSupport1.61401.60601.60051.59651.5900Resistance1.62401.63251.63701.64101.6500RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.6240 targeting 1.6370 and stop loss below 1.6140, might be appropriate.

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