Great British Pound (GBP) Technical Major Currencies (2011-01-26)

By @ibtimes on

Morning Report

The pair neared the retest the breached pivotal support yesterday around 1.5835, while stochastic is showing positivity that could push for more upside activity. Fluctuation is around the retest level that could form the bullish technical pattern, since its neckline meets with 1.5835 and points to mixed fluctuation that could occur around this level's retest. This conflict makes us recommend observing the pair today to insure the strength of the breach that occurred for the level mentioned above.

The trading range for today is among the key support at 1.5660 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

Support1.57701.57301.57001.56601.5595Resistance1.58351.58701.59101.59551.6000RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.

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