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Daily Forex Technicals |
Written by FXTechstrategy |
Jul 30 10 08:45 GMT
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GBPUSD - Pressure Continues To Point Higher
GBPUSD - The pair continues to retain its short term upside as it eyes its.50 Fib Ret.(1.7041-1.4226 decline) at 1.5628. This is coming on the heels of a violation of the 1.5470 level, its July 13'10 high as well as its April 15'10 high at 1.5521. With this feat achieved, we look for the pair to head further higher through its.50 Fib Ret.(1.7041-1.4226 decline) at 1.5628 and towards its big psycho level at 1.6000. On the other hand, on pullbacks the pair should target the 1.5521/1.5470 levels where a reversal of roles is expected. Further out, support is located at its violated trendline at 1.5226. This level is expected to hold and provide support thus turning the pair higher again. Other supports are seen at the 1.4947 level, its July 12'10 low and the 1.4872 level, its July 01'10 low.
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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
