Great British Pound (GBP) Technical Major Currencies (2011-05-24)

By @ibtimes on

Morning Report

The pair approached the main target at 1.6045 as trading reversed to the upside affected by the positivity on Stochastic which will push the pair towards 1.6210 -the SMA50 and the breached 38.2% Fibonacci correction- before reversing to the downside to resume the intraday downside move affected by trading within the minor descending correctional channel. Our expectations require stability below 1.6250 to ensure reaching the targets is not postponed.

The trading range for today is among the major support at 1.5880 and the major resistance at 1.6310.

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

Previous Report

Weekly ReportSupport1.60451.60001.59551.58801.5810Resistance1.61251.61601.62101.62501.6295RecommendationBased on the charts and explanations above we recommend selling the pair around 1.6210 targeting 1.6045 and stop loss above 1.6310 might be appropriate

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