Great British Pound (GBP) Technical Major Currencies (2010-03-09)

The pair managed to achieve the breach of bearish pattern's support (rising wedge) at 1.5075 to find horizontal support 1.4990 that forms the neckline for the bearish technical pattern (double top), accompanied by oversold signs appearing through momentum indicators that adds additional strength to the current support. The possible fluctuation expected around 1.4990 followed by a breach that will pave the way to achieve the possible bearish intraday trend; targeting 1.4855 then 1.4795. It is vital that the pair remain above 1.5075 that will weaken chances of achieving these expectations.

The trading range for today is among the key support at 1.4795 and the key resistance at 1.5195.

The general trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.

Previous Report Weekly ReportSupport1.49901.49401.49001.48501.4795Resistance1.50751.51451.51951.52301.5270RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.5075 targeting 1.4990 and stop loss above 1.5145, might be appropriate.