Great British Pound (GBP) Technical Major Currencies Midday Report (2009-09-09)

 @ibtimes
on September 09 2009 6:34 AM

Midday Report

The cable attempted to breach key support level at 1.6485,yetthe 50% correction impeded it from reaching the awaited support at 1.6425. The potential for the downside correction remains valid, to then rebound to the upside in an attempt to target 1.6650 and then 1.6745 the primary targets for the intraday upside trend. For the expected upside move to prevail trading must remain above 1.6385.

The trading range for today is among the key support at 1.5870 and the key resistance at 1.6745.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.

Support1.64851.64251.63551.63301.6250Resistance1.65651.66001.66501.67451.6785RecommendationBased on the charts and explanations above our opinion is buying pair from 1.6425 To 1.6565 and stop loss below 1.6330, might be appropriate

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