Great British Pound (GBP) Technical Major Currencies (2011-04-18)

By @ibtimes on

Weekly Report (April 18-22)

The pair is stable above the critical support at 1.6250 -76.4% Fibonacci correction previous breached- in addition to positivity on Stochastic supporting trading within the short term ascending channel. From here,we expect the upside move to continue this weektargeting 1.6585 then 1.6690, while breaching 1.6250 will delay the expected targets.

The trading range for this week is among the major support at 1.6110 and the major resistance at 1.6690.

The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.

Previous Report

Support1.63001.62501.62001.61751.6110Resistance1.63501.64001.64501.65001.6585RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6250 and taking profit in two stages at 1.6400 then 1.6500 and stop loss below 1.6110 might be appropriate this week

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