Great British Pound (GBP) Technical Major Currencies (2011-01-28)

By @ibtimes on

Morning Report

The pair reached 1.5995 areas shown above, while the SMA 50 provided good support and Stochastic entered oversold areas. Therefore, we hold onto our expectations for a possible upside move which requires a clear breach for 1.5990 in addition to stability above 1.5825-10.

The trading range for today is among the major support at 1.5730 and the major resistance at 1.6100.

The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.Support1.58851.58251.57701.57301.5700Resistance1.59351.59901.60601.61001.6145RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5885 targeting 1.5990 and stop loss below 1.5810 might be appropriate

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