Great British Pound (GBP) Technical Major Currencies (2011-03-02)

By @ibtimes on

Morning Report

The pair found difficulty in stabilizing above 1.6275 to return to trade to the downside and near the current upside channel's support level around 1.6190. Stochastic entered oversold areas, while the MA 50 met with the mentioned upside channel and thereby adding additional strength to it. We expect to resume the bullish intraday direction towards initial targets starting around 1.6400. it is vital that stability is above 1.6190 in order to maintain chances of resuming expectations.

The trading range for today is among the key support at 1.6070 and the key resistance at 1.6450.

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

Previous Report

Weekly Report

Support1.61901.61651.61001.60701.5990Resistance1.62751.63451.64151.64501.6500RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6190 targeting 1.6345 and stop loss below 1.6070, might be appropriate.

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