Great British Pound (GBP) Technical Major Currencies (2011-03-07)

By @ibtimes on

Weekly Report 7 - 11 / March / 2011

The pair found it difficult to insure surpassing 76.4% Fibonacci correction for the downside from 1.6877 to 1.4229; however, the pair succeeded in achieving a weekly closing above resistance for this downside trend. The upside channel appearing through it is appearing through the image above supporting a resume achieving more expected upside movement for this week, sustained by the MA 50 offering the required support for the pair. In return, we could witness some fluctuation for some time due to the effect of the negativity of stochastic as an attempt to rid of this negativity before heading towards resuming more targets starting initially around 1.6500 then 1.6600. It is vital that the closing above 1.6175 is vital for chances of resuming expectations.

The trading range for this week is among the key support at 1.6100 and the key resistance at 1.6600.

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

Previous ReportSupport1.62351.61801.60901.60001.5960Resistance1.62751.63451.64151.64501.6500RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6180 targeting 1.6415 and stop loss below 1.6090, might be appropriate.

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