GBPUSD:  Shapes Up For Corrective Recovery.
GBPUSD: The pair closed slightly lower on Thursday after printing a 2010 low at 1.4226 and failing to sustain it. This development continues to suggest that GBP could be shaping up for a possible correction. However, with an offered tone still seen, the pair remains vulnerable its 2010 low at 1.4226. If below that level is traded, GBP will resume its medium term weakness and then eye further pressure towards its March’2009 low at 1.4112 with a break of there aiming at its big psycho level at 1.4000. While the pair holds below the 1.4473/1.4516 levels, its May 07’10 low/May 18’10 high, this view remains valid. Alternatively, the pair will have to break and hold above the 1.4473/1.4516 levels to reduce its current downside threats and bring further recovery towards the 1.4637 level, its May 14’10 high ahead of the 1.4718 level, its May 11’10 low. A respite is expected at this level to turn the pair back down again. Overall, with continued downside vulnerability yet to be over, threats remain to the downside though struggling to put in a temporary bottom.

GBPUSD:  Shapes Up For Corrective Recovery.

GBPUSD: The pair closed slightly lower on Thursday after printing a 2010 low at 1.4226 and failing to sustain it. This development continues to suggest that GBP could be shaping up for a possible correction. However, with an offered tone still seen, the pair remains vulnerable its 2010 low at 1.4226. If below that level is traded, GBP will resume its medium term weakness and then eye further pressure towards its March’2009 low at 1.4112 with a break of there aiming at its big psycho level at 1.4000. While the pair holds below the 1.4473/1.4516 levels, its May 07’10 low/May 18’10 high, this view remains valid. Alternatively, the pair will have to break and hold above the 1.4473/1.4516 levels to reduce its current downside threats and bring further recovery towards the 1.4637 level, its May 14’10 high ahead of the 1.4718 level, its May 11’10 low. A respite is expected at this level to turn the pair back down again. Overall, with continued downside vulnerability yet to be over, threats remain to the downside though struggling to put in a temporary bottom

gbpusd0036aa.gif

 

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


This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com 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 FXTechstrategy.com incurs any responsibility. FXTstrategy.com 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