Great British Pound (GBP) Technical Major Currencies (2011-05-20)

By @ibtimes on

Morning Report

The pair consolidated above 38.2% correction at 1.6210 alongside trading within the minor descending channel shown above.SMA 50 and Stochastic are negative pressures on the pair to retest the support for the main ascending channel, previously breached, which supports the downside tendencies, nevertheless, we remain neutral for now and observe the pair around the retest level at 1.6285 awaiting more confirmations.

The trading range for today is among the major support at 1.6045 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 ReportSupport1.62101.61601.61251.60451.6000Resistance1.62851.63651.64151.64551.6525RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations

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