Currencies Weekly

Has come lower over the past couple of weeks and has hit our downside target of the long term 38% fib level of 1.6050.

GBP/USD

Has come lower over the past couple of weeks and has hit our downside target of the long term 38% fib level of 1.6050. This is important support as a loss of this region, say below 1.6000 would keep the immediate pressure to the downside and see weakness forthcoming to the previous reaction lows of 1.57. At these lows you are looking to cover any shorts. Re-sell then if below 1.5630 as this would leave a med term target of 1.5180.

Now if this 1.6050/00 support holds look for a return to the 1..6840 resistance. 1.6050 holding keeps the market within the longer term sideways band evident since April this year.

Full Report

With a career spanning almost 30 years, Carol Harmer is undoubtedly one of the most respected and established technical analysts in the UK and is a founding member of the STA (The Society of Technical Analysts). Carol?s career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of... More

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