GBPUSD: Looks To Recapture The 1.6662 Level And Beyond

GBPUSD - As a cap was seen at the 1.5801 level , its Jun 08'09 low following its recent corrective weakness off the 1.6662 level the past week, potential for further upside towards the 1.6662 level is now expected. With that said, decisively invalidating that level will resume its medium term uptrend and call for additional upmove towards the 1.6673 level, its Oct 30'08 high and then the 1.7000 level, its big psycho level. This view is consistent with its overall medium term outlook triggered off the 1.3654 level. Supports are located at the 1.6399 level, its Nov 03'08 high which is followed by the 1.6000 level. Below there if seen should drive the pair further lower towards 1.5801 level with a trade below there exposing the 1.5374 level, its Jan 08'09 high. A respite is likely at these levels as they are expected to hold and possibly turn GBP higher. Overall, we retain our bullish outlook on the pair in the medium term with immediate risk being corrective pullbacks.

Directional Bias:
Nearer Term -Bullish
Short Term - Bullish
Medium Term - Mixed

Performance in %:
Past Week:: +2.90%
past Month: +9.39%
Past Quarter: -1.86%
Year To Date:: +12.38%

Weekly Range:
High -1.6622
Low -1.5802

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