Great British Pound (GBP) Technical Major Currencies (2011-05-18)

By @ibtimes on

Morning Report

The pair is still fluctuating around the support for the broken ascending channel shown above, while the SMA 50 is pressuring the pair negatively. We have signs of a minor descending channel organizing the intraday downside move that recently started, and after reaching its support, the pair might move to its resistance around 1.6365 which will carry the pair into the main ascending channel once more. We remain neutral today and observe trading and the daily closing between the critical levels at 1.6265 and 1.6365.

The trading range for today is among the major support at 1.6110 and the major resistance at 1.6455.

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

Previous Report

Weekly ReportSupport1.62101.61601.61101.60451.6000Resistance1.62651.63001.63651.64151.6455RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations

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