Great British Pound (GBP) Technical Major Currencies (2010-12-14)

The pair succeeded in breaching pivotal resistance 1.5825 stabilizing above it and thereby reinforcing yesterday's expectations of an ongoing ascend. Stochastic is giving off overbought signs that may cause some trading around the breached level to retest it before heading towards the expected bullish intraday trend, while targets start at 1.6000 - 1.6060. Keep in mind that the suggested ongoing upside trend requires stability above 1.5770 to prevail.

The trading range for today is among the key support at 1.5735 and the key resistance at 1.6060.

The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.

Previous Report

Weekly Report

Support1.58351.57701.57351.56851.5590Resistance1.58951.59451.59851.60601.6100RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5835 targeting 1.6060 and stop loss below 1.5725, might be appropriate.