Great British Pound (GBP) Technical Major Currencies (2011-12-07)

By @ibtimes on

Morning Report

The struggle continued around the pivotal support zones of 1.5590 where 23.6% Fibonacci retracement of the entire downside rally from 1.6615 to 1.5270 exists. Trading is still well capped below SMA 20 as seen on the provided daily graph, while Stochastic didn't change its bearish direction. Thus, the bearishness remains favored over intraday basis; noting that a new technical attempt to take 1.5590 may success this time. On the upside, areas around 1.5780 should hold to protect our bearish anticipations.

The trading range for today is among key support at 1.5375 and key resistance at 1.5820.

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

Previous Report

Weekly ReportSupport1.55551.55101.54601.54201.5375Resistance1.56601.56801.57201.57801.5820RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.5645 targeting 1.5420 and stop loss above 1.5780 might be appropriate.

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