Great British Pound (GBP) Technical Major Currencies (2010-01-27)

on January 27 2010 1:33 AM

Morning Report

Signs of a bearish technical pattern have started to completely form for the cable, where its neckline is at 1.6075. This insures our expectations for yesterday that point to achieving more expected bearish intraday direction that had started after 1.6075 was breached; targeting 1.6000 then 1.5925. The pair could face strong support around 1.6000 that might possibly cause some fluctuation around it before continuing the expected bearish trend. This requires trading to remain below 1.6245 to maintain chances of achieving it.

The trading range for today is among the key support at 1.5925 and the key resistance at 1.6300.

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

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More Technical Analysis For The Pair

Support1.60751.60001.59651.59251.5900Resistance1.61501.62051.62451.63001.6330RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.6075 targeting 1.5965 and stop loss above 1.6150, might be appropriate.

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