In This Issue:

GBPUSD: As highlighted in our Wednesday analysis, while GBP holds below the 1.5701 level, its Aug 16’10 high, it continues to face bear threats nearer term....


GBPUSD

GBPUSD

GBPUSD: Vulnerable To The Downside.

GBPUSD: As highlighted in our Wednesday analysis, while GBP holds below the 1.5701 level, its Aug 16’10 high, it continues to face bear threats nearer term. In such a case, the 1.5295 level, its Sept 07’10 low comes in as the next downside target. On a turn below that level, the 1.5122 level, its July 21’10 low will be targeted with a break aiming at further downside pressure towards the 1.5000.
Alternatively, to reverse this view, a return above the 1.5470 level must be established to create scope for more strength towards the 1.5701 level, its Aug 16’10 high. Beyond the latter will eye the 1.5996 level, its Aug 08’10 high and then the 1.6274 level, its Jan 24’10 high.