GBPUSD: Holding On To Gains & Targeting The 1.6000 level.
GBPUSD: Having held firmly above the 1.5373 level and the 1.5724 level, its Dec 17’09 high, continued upside gains is now expected to head further higher towards the 1.6000 level, its strong psycho resistance. If that level gives way, we may see price development shaping up towards the 1.6398 level, its Nov 03’09 high. Momentum indicators remain supportive of this view. On the other hand, its invalidated resistance at the 1.5724 level is now expected to reverse roles and provide support thereby turning the pair higher again. Further down, support is located at the 1.5373 level, its Jan 08’09 high. Below there if seen will clear the way for more declines towards the 1.5066 level, its April 16’09 high ahead of the 1.4836 level, its May 04 09 low. All in all,GBP is now poised to head further higher having resumed its short term uptrend
Support Comments
1.5722 Dec 17’08 high
1.5373 Jan 08’09 high
1.5066 April 16’09 high
Resistance Comments
1.6000 Psycho resistance
1.6398 Nov 03’09 high
1.6671 Oct 30,08 high

GBPUSD: Holding On To Gains & Targeting The 1.6000 level.

GBPUSD: Having held firmly above the 1.5373 level and the 1.5724 level, its Dec 17’09 high, continued upside gains is now expected to head further higher towards the 1.6000 level, its strong psycho resistance. If that level gives way, we may see price development shaping up towards the 1.6398 level, its Nov 03’09 high. Momentum indicators remain supportive of this view. On the other hand, its invalidated resistance at the 1.5724 level is now expected to reverse roles and provide support thereby turning the pair higher again. Further down, support is located at the 1.5373 level, its Jan 08’09 high. Below there if seen will clear the way for more declines towards the 1.5066 level, its April 16’09 high ahead of the 1.4836 level, its May 04 09 low. All in all,GBP is now poised to head further higher having resumed its short term uptrend

Support Comments

1.5722 Dec 17’08 high

1.5373 Jan 08’09 high

1.5066 April 16’09 high

Resistance Comments

1.6000 Psycho resistance

1.6398 Nov 03’09 high

1.6671 Oct 30,08 high

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