GBPUSD: Still Targeting 1.6622 Level & Beyond

GBPUSD- As EUR and AUD continue to lead the G10 currency block having resumed their medium term uptrends, GBP looks to follow while targeting its Aug 21'09 high at 1.6622. Successfully breaking and holding above the latter will clear the way for further upside towards the 1.7041 level, its Aug 05'09 high with a loss of there activating the resumption of its medium term uptrend. Its daily stochastic remains bullish and pointing higher supporting further strength. On the contrary, a pullback in its current upside recovery could see the pair turn lower aiming at the 1.6321 level, its Sept 08'09 low followed by the 1.6111 level, its Sept 01'09 high with a loss of there pushing the pair further lower towards the 1.5982 level, its July 08'09 low and then the 1.5798 level, its July 08'09 low. On the whole, with a halt in its declines off the 1.7041 level and a follow through higher seen, recovery higher is now expected.

Support Comments

• 1.6321 Sept 08'09 low
• 1.6111 Sept 01'09 low
• 1.6034/00 July 13'09 low/psycho level

Resistance Comments

• 1.6622 Aug 16'09 high
• 1.6742 July 30'09 high
• 1.7041 Aug 05'09 high

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