Great British Pound (GBP) Technical Major Currencies (2011-04-25)

By @ibtimes on

Weekly Report (April 25-29)

The pair is trading within the minor ascending channel shown above which resides within the main ascending channel, and after reaching the resistance for the minor ascending channel the downside correction is expected due to the negativity on RSI. On the other hand, Stochastic supports the general upside wave. We expect the upside wave to continue this week targeting 1.6800-75 supported by the SMA 50 and require stability above 1.6360 to prevail.

The trading range for this week is among the major support at 1.6360 and the major resistance at 1.6875.

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

Previous ReportSupport1.64501.64001.63601.62801.6250Resistance1.65851.66201.67001.67401.6825RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6450 targeting 1.6620 and stop loss below 1.6360 might be appropriate this week

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