Great British Pound (GBP) Technical Major Currencies (2011-05-10)

By @ibtimes on

Morning Report

The declined halted yesterday at 76.4% Fibonacci correction shown above; the pair rebounded to the upside approaching the retest of the breached neckline at 1.6455 accompanied by Stochastic entering overbought areas. We expect an intraday bearish move today targeting the support for the ascending channel at 1.6210 which requires stability below the retest areas mentioned above. We remind of the importance of observing the pair when reaching the support as mentioned in our weekly report.

The trading range for today is among the major support at 1.6210 and the major resistance at 1.6525.

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

Previous Report

Weekly ReportSupport1.63851.63001.62501.62101.6175Resistance1.64551.65251.65751.66101.6675RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.6455 targeting 1.6300 and stop loss with hourly closing above 1.6525 might be appropriate today

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