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Daily Forex Technicals |
Written by FXTechstrategy |
Feb 03 12 09:04 GMT
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GBPUSD - Biased To The Upside Medium Term Despite Price Hesitation
GBPUSD: Although GBP backed off higher prices to close lower on Thursday, we continue to maintain our upside outlook. This suggests that GBP should eventually return above the 1.5882/5 level. This will pave the way for further strength towards the 1.6074 level, its Nov'2011 high. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 1.5770/9 level where a reversal of roles as support is likely to occur and turn it back up. However, if this fails to occur, expect GBP to weaken further towards the 1.5666 level followed by the 1.5497 level, its Jan 10'2012 high. Further down, support stands at the 1.5270 level, its Oct 2011 low. On the whole, GBP continues to retain its nearer term uptrend.
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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
