Great British Pound (GBP) Technical Major Currencies (2011-05-03)

By @ibtimes on

Morning Report

The pair attempted to breach the critical support areas at 1.6610 which resides with the support for the minor ascending channel and the 76.4% correction for the upside wave shown above. The pair is stable above this support and aided by the SMA 50 and the positivity on Stochastic. Therefore, we expect an intraday upside move today targeting 1.6860 while breaching 1.6610 will extend the downside move towards 1.6525 and might extend to 1.6455.

The trading range for today is among the major support at 1.6525 and the major resistance at 1.6850.

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

Previous Report

Weekly ReportSupport1.66101.65251.65051.64551.6385Resistance1.66751.67001.67401.68001.6860RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6610 targeting 1.6745 and stop loss below 1.6525 might be appropriate

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