Great British Pound (GBP) Technical Major Currencies (2010-05-07)

After retesting the breached 1.5075 yesterday, the pair moved according to the suggested scenario to surpass awaited targets and achieve 1.4700. The bearish short term direction is reversing, after insuring the breach of 1.4850 and thus encouraging us to expect a bearish intraday trend; targeting 1.4700 then 1.4615 and require the daily close to remain below 1.4850.

The trading range for today is among the key support at 1.4480 and the key resistance at 1.4950.

The short term trend is to the upside as far as 1.5590 remains intact with targets at 1.4000.

Previous Report Weekly ReportSupport1.47751.47001.46401.46151.4540Resistance1.48501.49501.49801.50751.5160RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.4850 targeting 1.4700 and stop loss above 1.4950, might be appropriate.