Great British Pound (GBP) Technical Major Currencies (2011-01-19)

By @ibtimes on

Morning Report

The pair continues some bearish correction after touching 1.6060 rebounding to the upside, while it continues its journey towards an expected overall bullish intraday direction supported by the MA 50 pushing the pair from the bottom, alongside the positive crossover signs offered by stochastic. The awaited key targets today start around 1.6185, while noting the importance of stabilizing above 1.5910 in order to maintain chances of resuming these expectations.

The trading range for today is among the key support at 1.5910 and the key resistance at 1.6250.

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

Previous Report

Weekly Report

Support1.59601.59101.58701.58101.5770Resistance1.60601.61001.61451.61851.6250RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5960 targeting 1.6100 and stop loss below 1.5870, might be appropriate.

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