Great British Pound (GBP) Technical Major Currencies (2011-03-08)

By @ibtimes on

Morning Report

The pair descended to trade near the upside channel's support level currently around expected overbought areas, according to this upside channel appearing through the image above. Stochastic is showing major oversold signs that support the rebound in trading as it resumes the expected bullish intraday trend that targets 1.6345 initially. Note that stability above 1.6180 - 1.6145 are vital to maintain chances of resuming these expectations.

The trading range for today is among the key support at 1.6145 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.Support1.61801.61451.60901.60001.5960Resistance1.62301.62751.63451.64151.6450RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6180 targeting 1.6345 and stop loss below 1.6090, might be appropriate.

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