| Mar 9 2010, 17:13:56 GMT | Sydney: | 03:13 | Tokyo: | 02:13 | Barcelona: | 18:13 | London: | 17:13 | New York: | 12:13 | San Francisco: | 09:13 |
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The GBP USD didn't participate in yesterday's break and is trading higher overnight ahead of today's U.S. GDP Report. Expectations are for this report to show the first growth in over a year of 3.2%.
The GBP USD remains in an uptrend. The main range is 1.5706 to 1.6601 with a retracement zone at 1.6198 to 1.6082. The market came close to, but did not test this area on the break.
Based on the short-term range of 1.6691 to 1.6250, look for a possible rally to a retracement zone at 1.6471 to 1.6523. Downtrending Gann angle resistance is at 1.6531. This makes 1.6523 to 1.6531 a potential upside target.
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Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of
leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider
your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some
or all of your initial investment and therefore should not invest money that you cannot afford to lose. You should be aware of
all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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