Great British Pound (GBP) Technical Major Currencies (2010-08-30)

According to the above chart, the pair's rushed to the upside to retest 1.5555 levels, accompanied by the momentum indicator's approach to overbought areas, which preserves our expectations for a downside trend this week, with suggested technical targets at 1.5370 and 1.5160, taking into consideration that a strong support levels exist near 1.5440 that represents a retest for the previously breached technical pattern, requiring the pair to breach those levels in order to achieveour expectations.

The trading range for today is among the major support at 1.5160 and the major resistance at 1.5750.

The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.

Previous ReportSupport1.55001.54401.53601.53101.5280Resistance1.55551.56001.56501.57101.5750Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.5555 targeting 1.5370 and stop loss above 1.5685 might be appropriate