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Anticipate Market Trends. Make More Profitable Trades. Get Daily Forex Research & Technical Analysis Trusted By Thousands of Traders.HIGHLIGHTS:
GBPUSD: Recovery Clears The 1.6124 Level - Momentum build up on the back of its two days of recovery saw GBP breaking through its key resistance standing at the 1.6124 level today (Sept 30’09 high).
EURGBP: Collapses Through The 0.9299 level - The cross continues to decline on its shooting star formation cutting through the 0.9299 level, its Sept 27’09 high and challenging the
GBPUSD
GBPUSD: Recovery Clears The 1.6124 Level
GBPUSD - Momentum build up on the back of its two days of recovery saw GBP breaking through its key resistance standing at the 1.6124 level today (Sept 30’09 high). Maintaining those gains on a daily closing basis today should bring further strength towards its declining channel initiated from the 1.7041 level currently at 1.6460. We envisage this level (channel resistance)may provide strong resistance and turn the pair back down. If however that level gives in, higher prices could develop towards the 1.6463 level, its Sept 23’09 high. Its stochastics and RSI are bullish and pointing higher supporting this view. Conversely, on any pullback from its current price level, the 1.6124 level just eroded should provide support . Further down, its Oct 14’09 high at 1.6024 will come in as the next support ahead of the 1.5837 level, its Oct 13’09 high and the 1.5706 level, its Oct 13’09 low. On the whole, with corrective strength continuing to be seen, further upside threats are expected.
EURGBP
EURGBP: Collapses Through The 0.9299 level
EURGBP - The cross continues to decline on its shooting star formation cutting through the 0.9299 level, its Sept 27’09 high and challenging the 0.9158 level, its Oct 08’09 low today. Further corrective declines look to be seen towards the 0.9076 level, its Sept 30’09 low with a violation of there targeting the 0.9000 level, its psycho level followed by the 0.8868 level, its May’09 high. However, we expect the cross to back off the 0.9076 level if tested. Its daily studies are bearish and heading lower supporting view. To the upside, resistance is seen at the 0.9299 level followed by the 0.9410 level will come in as the initial resistance with a loss of there aiming at the 0.9499 level, its Mar’09 high and then the 0.9803 level, its Dec’08 high. On the whole, with a collapse on a shooting star seen, EURGBP could be shaping up to correct lower.
