Great British Pound (GBP) Technical Major Currencies (2011-04-08)

By @ibtimes on

Morning Report

The pair succeeded in breaching the highlighted resistance yesterday around 1.6355 that reversed to retest the support level due to the negativity of momentum indicators. The upcoming mission is represented in surpassing the top level trading last month and recorded around 1.6400, which could strongly signal that the bullish intraday direction will continue initially targeting 1.6555. Note that the breach of 1.6355 could postpone resuming the awaited bullish targets.

The trading range for today is among the key support at 1.6260 and the key resistance at 1.6555.

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

Previous Report

Weekly Report

Support1.63551.63001.62501.62001.6150Resistance1.64001.64501.65001.65551.6595RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6355 targeting 1.6555 and stop loss below 1.6250, might be appropriate.

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