GBPUSD: The pair continues to face bear pressure triggered off the 1.5389 level, its April 30’10 high as it now eyes a retarget of its range low at the 1.5127/25 levels, its April 06/28’10 lows. That zone is very important to the continuation of its recovery started from the 1.4782 level as its break will turn focus back to its Mar 25’10 low at 1.4796 and next its 2010 low at 1.4782 level. This zone preserves GBP’s present broader consolidation price action. Therefore, a break will resume its medium term declines towards the 1.4511 level, its April 26’10 low and then its April’09 low at 1.4396. Its daily RSI bearish and pointing lower suggesting further weakness. To reduce its current downside weakness, a break and close above the 1.5389 level must be established thus opening its April 15’10 high at 1.5521. Beyond that level will resume its recovery towards the 1.5574 level, its Feb 23’10 high and then the 1.5814 level, its Feb 17’10 high. On the whole, though preserving its broader consolidation tone, that tone is now being challenged by downside pressure.

 

GBPUSD: The pair continues to face bear pressure triggered off the 1.5389 level, its April 30’10 high as it now eyes a retarget of its range low at the 1.5127/25 levels, its April 06/28’10 lows. That zone is very important to the continuation of its recovery started from the 1.4782 level as its break will turn focus back to its Mar 25’10 low at 1.4796 and next its 2010 low at 1.4782 level. This zone preserves GBP’s present broader consolidation price action. Therefore, a break will resume its medium term declines towards the 1.4511 level, its April 26’10 low and then its April’09 low at 1.4396. Its daily RSI bearish and pointing lower suggesting further weakness. To reduce its current downside weakness, a break and close above the 1.5389 level must be established thus opening its April 15’10 high at 1.5521. Beyond that level will resume its recovery towards the 1.5574 level, its Feb 23’10 high and then the 1.5814 level, its Feb 17’10 high. On the whole, though preserving its broader consolidation tone, that tone is now being challenged by downside pressure.

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This is an excerpt from FXT Technical Strategist Plus (The Professional Suite package), a 7-currency model analysis utilized by all levels of traders. View the service information


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