Great British Pound (GBP) Technical Major Currencies (2011-01-12)

By @ibtimes on

Morning Report

The pair breached the bearish channel's resistance level that has currently turned into support around 1.5620. This breach will cause an expected intraday rebound to the upside towards the initial target around 1.5800. The negativity will remain fluctuating around the retest level for the breached resistance, before resuming thebullish targets that require a base to be built above 1.5620 - 1.5595.

The trading range for today is among the key support at 1.5510 and the key resistance at 1.5800.

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

Previous Report

Weekly Report

Support1.56201.55951.55101.54551.5400Resistance1.57001.57751.58101.58701.5895RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5620 targeting 1.5800 and stop loss below 1.5510, might be appropriate.

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