Great British Pound (GBP) Technical Major Currencies (2012-02-07)

By @ibtimes on

Morning Report

The secondary image of the same four-hour time scale explains the technical situation from a pure classical point of view as we can see how the correctional uptrend line started at 1.5230 was breached and re-tested from below. RSI 14 also shows bearish tendency suggesting that the top of C wave for the bigger second wave might have been placed already at 1.5880. The support of 1.5730 became the key for intraday bears and we need to witness a breakout below it to confirm the bearishness anticipated for today.

The trading range for today is among key support at 1.5585 and key resistance at 1.5975.

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 ReportSupport1.57301.56801.56301.55851.5555Resistance1.58201.58801.59351.59751.6000RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.5730 targeting 1.5515 and stop loss above 1.5880 might be appropriate.

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