GBPUSD: Challenges The 1.7000 Level & Beyond.
GBPUSD- Although an attempt at the 1.7000 level failed and yielded a
marginal
close Tuesday, GBP was retargeting that same level in early trading today. Even though this psycho level will be easy to break, an eventual crack of there will leave the pair continuing its medium term strength towards the 1.7100 level and then the 1.7200 level. Its higher level chart are supportive of this view as they are pointing higher. On the other hand, if GBP stalls at the 1.7000 level, corrective
pullback of its current strength will be expected towards the 1.6742 level will be targeted ahead of the 1.6584 level, its July 23’09 high and subsequently its July 22’09
low at 1.6308. Further down, the 1.6034 level, its July 13’09 low and its July 08’09 low at 1.5984 come in as next supports. Its MT rising
trendline also provides a strong upside case medium term. All in all, having retargeted the 1.6742 level and triggered its medium term uptrend, further upside momentum is now aiming at the 1.7000 level.
Support Comments
1.6742 Jun 30’09 high
1.6584 July 23’09 high
1.6308 July 22’09 low
Resistance Comments
1.7000 Psycho level
1.7100 Psycho Level
1.7200 Psycho level
GBPUSD– Although an attempt at the 1.7000 level failed and yielded a marginal close Tuesday, GBP was retargeting that same level in early trading today. Even though this psycho level will be easy to break, an eventual crack of there will leave the pair continuing its medium term strength towards the 1.7100 level and then the 1.7200 level. Its higher level chart are supportive of this view as they are pointing higher. On the other hand, if GBP stalls at the 1.7000 level, corrective pullback of its current strength will be expected towards the 1.6742 level will be targeted ahead of the 1.6584 level, its July 23’09 high and subsequently its July 22’09 low at 1.6308. Further down, the 1.6034 level, its July 13’09 low and its July 08’09 low at 1.5984 come in as next supports. Its MT rising trendline also provides a strong upside case medium term. All in all, having retargeted the 1.6742 level and triggered its medium term uptrend, further upside momentum is now aiming at the 1.7000 level.
Support Comments
1.6742 Jun 30’09 high
1.6584 July 23’09 high
1.6308 July 22’09 low
Resistance Comments
1.7000 Psycho level
1.7100 Psycho Level
1.7200 Psycho level
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