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GBP/USD Classical Technical Report 09.30

GBP/USD Classical Technical Report 09.30

2011-09-30 16:07:00
Michael Boutros, Currency Analyst,
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GBPUSD_Classical_Technical_Report_0930_body_Picture_5.png, GBP/USD Classical Technical Report 09.30

GBP/USD Daily: The Sterling is the top performer against a stronger dollar at the close of trade this week with the GBP/USD advancing nearly 1%. The pound looks to test key resistance at the 100% Fibonacci extension taken from the April 28th and August 19th crests at 1.5650. Interim support rests at 1.5540 with a break below risking significant losses for the sterling. Note that as long as RSI remains below the 50-mark, the overall bias remains weighted to the downside with moves into oversold territory providing further evidence to support our bias.

GBPUSD_Classical_Technical_Report_0930_body_Picture_6.png, GBP/USD Classical Technical Report 09.30

GBP/USD Intra-Day:The pair continues to trade with a descending channel formation dating back to September 27th with topside resistance eyed just at 1.5650, 1.5680 and the 1.57-handle. Interim support rests at the 1.56-figure with subsequent floors eyed at 1.5550 and 1.5525. Relative strength may limit further topside moves here with the slope of the signal line suggesting a pull-back it’s likely in intra-day trade.

Written by Michael Boutros, Currency Analyst for DailyFX.com

To contact the Michael or subscribe to their daily analysis, please send inquiries to:mboutros@dailyfx.com

You can also follow Michael on Twitter @MBForexfor updates on this scalp and other trades.

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