GBPUSD: Pressure Builds Towards The 1.6662 Level

GBPUSD - While a marginal higher close was seen the past week, we continue to see risk of a retest of the pair’s medium term high residing at the 1.6662. A break through there will trigger the resumption of that trend towards the 1.6673 level, its Oct 30’08 high and then the 1.7000 level, its big psycho level. However, with GBP yet to tally overcome its nearer term corrective pullbacks, failing to build on its past week gains will mean a reverse lower initially towards 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 that level exposing the 1.5374 level, its Jan 08’09 high. All in all, GBP still retains its medium term bullish structure while correcting in the medium.

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

Performance in %:
Past Week:: +0.30%
past Month: +9.39%
Past Quarter: -1.86%
Year To Date:: +12.72%

Weekly Range:
High -1.6561
Low -1.6188

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