Great British Pound (GBP) Technical Major Currencies (2010-01-19)

By @ibtimes on

Morning Report

The cable continued pushing to the upside within the bullish channel, shown in the image above, with momentum indicators entering overbought areas; therefore pressuring the pair to achieve some bearish correction that is supposed to not passover thepivotal support level of 1.6315 - previously breached main resistance that has turned into support -. From here, we see that the expected direction for today is bullish; initially targeting 1.6500 and requires the four-hour to closing above 1.6315.

The trading range for today is among the key support at 1.6240 and the key resistance at 1.6580.

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

Weekly Report Previous ReportSupport1.63551.63151.62401.61901.6150Resistance1.64101.64751.65001.65501.6580RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.6335 targeting 1.6500 and stop loss below 1.6240, might be appropriate.

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