GBPUSD: Upside momentum triggered off the 1.5801 level, its Jun 08'09 high following its corrective weakness off the 1.6662 level now looks to head further higher as price action in early trading today saw the pair gaining more strength. While maintaining those gains, threats for additional upside gains is currently seen towards its 2009 high resting at 1.6662 where a loss will resume its medium term uptrend and open up further upmove towards the 1.7000 level, its big psycho level.
Daily RSI is positive suggesting further strength. On any pullback from the present price levels, its May 27 high at 1.6085 will come in as the nearby support followed by the 1.6000 level, its psycho level. While we expect the latter level to provide support, if a loss of there occurs, GBP could weaken further lower towards the 1.5810 level, its Jun 08'09 low. All in all, while we retain our medium term bullish outlook on GBP, it requires an end to its present correction and a break above the 1.6662 level to resume that uptrend
| Support | Comments |
| 1.6085 | May 27'09 high |
| 1.6000 | Psycho level |
| 1.5810 | Jun 08'09 low |
| Resistance | Comments |
| 1.6398 | Nov 03'09 high |
| 1.6671 | Oct 30,08 high |
| 1.7000 | Psycho level |
Mohammed Isah
Market Analyst
www.fxtechstrategy.com
No comments:
Post a Comment