Great British Pound (GBP) Technical Major Currencies (2010-02-16)

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Morning Report

The pair is facing the MA 50 and is forming minor resistance that is standing as barrier in front of the attack from pivotal resistance 1.5765 that is expected to be clearly breached. Signs of a bullish technical pattern are appearing, where its neckline is the mentioned resistance; therefore making us expect a possible bullish intraday that targets 1.5900 initially and requires trading to remain above 1.5555.

The trading range for today is among the key support at 1.5555 and the key resistance at 1.5900.

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

Previous Report Weekly ReportSupport1.56501.56251.55551.55001.5465Resistance1.57651.58451.59001.59201.6005RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.5765 targeting 1.5900 and stop loss below 1.5640, might be appropriate.

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