Great British Pound (GBP) Technical Major Currencies (2011-09-27)

By @ibtimes on

Morning Report

The pair continued the correction of the big downside wave that started from 1.6615 zones where the four-hour graph shows that a bearish flag continuation pattern is in progress. Henceforth, we hold onto our bearish predictions over intraday basis, supported by the double top formation appearing on the weekly graph. Actually, we need to witness a sustained breakout below the initial support of 1.4495 to confirm the aforesaid flag pattern; whilst areas between 1.5780 and 1.5820 should act as a ceiling for our proposed classical overview.

The trading range for today is among key support at 1.5255 and key resistance at 1.5820.

The general trend over short term basis is to the downsidetargeting 1.4225 as far as areas of 1.6875 areas remain intact.

Previous Report

Weekly ReportSupport1.54451.53901.53301.52551.5180Resistance1.56301.56901.57201.57801.5820RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.5495 targeting 1.5180 and stop loss above 1.5690 might be appropriate.

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