GBPUSD: Clears Its Rising Channel,Targets The 1.4305 Level.
GBPUSD: After spending a month plus trapped within its rising channel, GBP decisively violated that pattern today opening up downside risk towards the 1.4305 level, its Mar 06’09 high. With the pair now trading below its minor support at the 1.4603 level, its April 13’09 low and testing its daily 50 ema coupled with bearish studies, GBP should maintain its present weakness and even put pressure on the 1.4111 level, its Mar 30’09 high if the 1.4305 level gives way. Further down lies another support at the 1.3844 level, its Mar 18’09 low. On the upside, the 1.4603 level will be targeted at first with a loss of there setting the stage for further upmove towards the 1.4662 level, its Feb 23’09 high where a cap is expected. Above there if seen will aim at its Jan 16’09/Feb 09’09 highs at 1.4981/86 and next the 1.5066 level, its April 16’09 high. All in all, having lost its rising channel and triggered a fresh leg of declines, nearer term outlook has now turned lower.
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