GBPUSD: Although GBP is maintaining a valid immediate downside bias having failed at the 1.5195 level on Monday, it will have to firmly break and hold below its 2010 low at 1.4782 to convince the market that its correction activated from the 1.4782 level has ended. If that occurs, a resumption of its medium term downtrend now on hold will resume towards the 1.4511 level, its April 26’10 low with a loss of there targeting the 1.4396 level, its April 19’10 high. Its daily RSI remains supportive of this view. Alternatively, a return back above the 1.5195 level will call for further corrective recovery strength towards its Feb 19’10 low at 1.5343 where we expect the bears to come in and push the pair back down again in line with its broader weakness.
Mohammed Isah
Market Analyst
www.fxtechstrategy.com
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
About the Author
Mohammed Isah
Market Analyst
www.fxtechstrategy.com
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
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