GBPUSD: Reverses Declines, Keeps Eyes On The Upside.

GBPUSD: AGBP closed marginally higher Thursday following through higher on its Wednesday gains to close at 1.6332 at the end of the day. This is coming on the back of a failure at the 1.6411 level and now requires a close back above that level to trigger the continuation of its current strength. Beyond there(1.6411) will clear the way for further upside towards the 1.6622 level, its Aug 16'09 high with a loss of the latter targeting the 1.6742 level, its July 30'09 high and then the 1.7000 level. Further than there will clear the way for a run at the 1.7041 level, its Aug 05'09 high. Its daily RSI remains bullish and pointing higher supporting further strength. Conversely, a fade in its current upside recovery should see the pair turn lower aiming at the 1.6111 level, its Sept 01'09 high with a loss of there pushing the pair further lower towards the 1.5982 level, its July 08'09 low and then the 1.5798 level, its July 08'09 low.On the whole, with a halt in its declines off the 1.7041 level, recovery higher should is now envisaged.

Support Comments

1.6308 July 22'09 low

1.6111 Sept 01'09 low

1.6034/00 July 13'09 low/psycho level

Resistance Comments

1.6379 Aug 28'09 high

1.6622 Aug 16'09 high

1.6742 July 30'09 high

Daily Chart: GBPUSD