Great British Pound (GBP) Technical Major Currencies (2011-02-23)

By @ibtimes on

Morning Report

The pair maintained stability above the MA 50 due to support from the bullish trend appearing through stochastic, thereby supporting trading to continue within the upside channel shown above. We expect a bullish intraday direction, where its initial target starts with hitting pivotal resistance 1.6275. Note the importance of stabilizing above 1.6070 in order for this scenario to resume.

The trading range for today is among the key support at 1.6070 and the key resistance at 1.6415.

The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.Support1.61401.60701.59901.59651.5905Resistance1.61851.62301.62751.63451.6415RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6140 targeting 1.6275 and stop loss below 1.6070, might be appropriate.

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