Great British Pound (GBP) Technical Major Currencies (2010-02-11)

on February 11 2010 1:42 AM

Morning Report

The pair managed to achieve the expected descend since yesterday, touching its first target and rebounding to the upside due to the positive signs appearing through the stochastic. We expect reaching pivotal resistance 1.5745; attempting to pressure it to breach it to the upside and pave the way for more ascends. From here, we see that the expected direction for today is a bullish correction. Noteworthy is observing theprice behviorwhen it reaches the suggested target and therefore determines the pair's upcoming short term direction.

The trading range for today is among the key support at 1.5465 and the key resistance at 1.5845.

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

Previous Report Weekly ReportSupport1.56001.55801.55251.55001.5465Resistance1.56751.57451.58051.58451.5900RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.5600 targeting 1.5745 and stop loss below 1.5525, might be appropriate.

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