Great British Pound (GBP) Technical Major Currencies (2011-04-19)

By @ibtimes on

Morning Report

The pair reached critical support areas around 1.6250 while noticing the attempt to breaching this level, affected by the double top pattern over four-hour basis. The positive momentum is preventing further decline around the support while 23.6% correction was good support against further decline. From here, we expect an intraday upside move today and requires initially an hourly closing above 1.6250 to prevail.

The trading range for today is among the major support at 1.6110 and the major resistance at 1.6500.

The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.Support1.62001.61751.61101.60851.6005Resistance1.62501.62801.63501.64001.6450RecommendationBased on the charts and explanations above our opinion is buying the pair with hourly closing above 1.6250 targeting 1.6400 and stop loss below 1.6110 might be appropriate

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