GBPUSD: Targeting Its Minor Resistance

GBPUSD: Having turned higher ahead of its MT rising trendline to close higher Monday, GBP was seen building on those gains in early trading today. This price development now leaves its minor resistance at the 1.6379 level being targeted with a loss of there setting the stage for further higher prices towards the its July 03'09 high at 1.6427 and then its YTD high at 1.6742. Above there will resume its medium term uptrend and expose the 1.7000 level, its psycho level. Daily studies have both turned higher suggesting further strength. On the other hand, initial support resides at the 1.6031/00 levels with a decline below there allowing the pair to weaken further towards its rising trendline support at 1.5933. Other supports are located at the 1.5798 level, its Jun 08'09 low and then the 1.5374 level, its Jan 08'09 high. All in all, while the pair still retains its medium term upside bias, a close above the 1.6742 level is needed to resume that trend.

Support Comments
1.6031/00 July 09'09 high/Psycho level
1.5854 MT rising trendline
1.5798 Jun 08'09 low

Resistance Comments
1.6427 July 03'09 high
1.6662 2009 high
1.6742 Jun 30'09 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