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GBPUSD: Bear Pressure Still On Course |
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Technical Archives |
Written by FXTechstrategy |
Sep 02 10 11:50 GMT
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GBPUSD: Bear Pressure Still On Course
GBPUSD: As highlighted in our Wednesday analysis, the pair may have halted its weakness after failing to follow-through lower and headed higher but it continues to retain its bearish nearer term outlook. This technical development leaves it vulnerable to the downside towards the 1.5371 level, its daily 200 ema. On a turn below that level, the 1.5122 level, its July 21'10 low will be targeted with a break opening the door for more weakness. Alternatively, to reverse this view, a return above the 1.5470 level must be established to create scope for more recovery towards the 1.5701 level, its Aug 16'10 high. Above the latter will eye the 1.5996 level, its Aug 08'10 high and then the 1.6274 level, its Jan 24'10 high.
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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
