Great British Pound (GBP) Technical Major Currencies (2010-02-19)

The pair sharply descended, according to yesterday's suggested scenario, where it also breached support for the descending channel that organizes the descend on the short term. The candlestick close for the last four-hour closing below support -1.5455- that encourages us to expect more from a possible bearish direction for today; targeting 1.5200 mainly and requires the four-hour closing below 1.5555.

The trading range for today is among the key support at 1.5200 and the key resistance at 1.5555.

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

Previous Report Weekly ReportSupport1.53751.53351.52701.52001.5125Resistance1.54551.55251.55551.55801.5640RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.5455 targeting 1.5335 and stop loss above 1.5555, might be appropriate.