Great British Pound (GBP) Technical Major Currencies (2010-09-02)

The pair entered a previously breached descending channel, where it faces the MA 50 that is considered a strong resistance to the descending intraday direction. With the negativityofStochastic , we expect a bearish intraday direction, targeting 1.5310 then 1.5235, noting that trading must remain below 1.5555 to achieve the suggested targets.

The trading range for today is among the major support at 1.5235 and the major resistance at 1.5555.

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

Previous Report

Weekly ReportSupport1.53851.53101.52801.52351.5160Resistance1.54751.55551.55851.56501.5710RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.5385 targeting 1.5235 and stop loss above 1.5475 might be appropriate