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Anticipate Market Trends. Make More Profitable Trades. Get Daily Forex Research & Technical Analysis Trusted By Thousands of Traders.HIGHLIGHTS:
GBPUSD: Still Targeting The 1.6273 Level - With a follow through lower seen Tuesday on its Monday losses, potential for further downside losses continues to shape up towards the 1.6273 level, representing its Aug 17’09 low.
EURGBP: Maintains Upside Momentum, Targets The 0.8866 Level - Having broken and held above its key resistance at the 0.8698 level, its July 13’09 high, EURGBP is now heading.
GBPUSD
GBPUSD: Still Targeting The 1.6273 Level
GBPUSD - With a follow through lower seen Tuesday on its Monday losses, potential for further downside losses continues to shape up towards the 1.6273 level, representing its Aug 17’09 low. On a decisive cut through there the pair will head further lower towards the 1.6206 level, its weekly 50 ema followed by the 1.6034 level, its July 13’09 low and then its July 08’09 low at 1.5984. Its daily and weekly RSI remains supportive of this view. On the other hand, in case of any recovery, its Aug 13’09 high at 1.6664 will be aimed at initially with a clearance of there driving it further higher towards the 1.6742 level, its July 30’09 high before the 1.7000 level and then the 1.7041 level, its Aug 05’09 high. Overall, with continued trading below its broken MT rising trendline seen, risk of more declines are now likely.
EURGBP
EURGBP: Maintains Upside Momentum, Targets The 0.8866 Level.
EURGBP - Having broken and held above its key resistance at the 0.8698 level, its July 13’09 high, EURGBP is now heading further higher as evidenced by its early morning strength. This development now leaves the next resistance at the 0.8866 level, its Jun 05’09 high. Its daily studies have turned higher suggesting further strength. Conversely, supports are located at the 0.8698 level, its July 13’09 high and the 0.8572 level, its July 23’09 low with the former expected to reverse roles and provide support turning the cross higher again.Other supports are located at the 0.8572 level, its July 23’09 low and then the 0.8545 level, its July 14’09 low. On the whole, with continued recovery higher seen and the 0.8698 level taken out, EURGBP should target additional upside gains in the days ahead.
