GBPUSD: The pair weakened further the past week breaking below the 1.5837 and the 1.5648 levels(Oct 25'10 low) and paving the way for further downside pressure. This technical development leaves the pair targeting further weakness towards the 1.5502 level, its Sept 21'10 low. Below there if seen will extend losses towards the 15295 level, its Sept 07'10 low where a halt is expected to occur and turn the pair higher. Its weekly studies are bearish and pointing lower suggestive of further declines. In order for the pair to halt its current downside vulnerability, a break and close back above 1.5648/1.5837 level will have to occur. This will open the door for more gains towards its Nov 12'10 high at 1.6183. Above there will bring its Nov'2010 high at 1.6298 into focus with a firm violation of that area turning risk towards the 1.6456 level, its Jan 19'10 high.
About the Author
Mohammed Isah
Market Analyst
www.fxtechstrategy.com
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