Inside Futures: Relevant trading-focused information authored by key players in the futures, options and forex industries

Symbol Lookup

Site Sponsors

Weekly Techncal Strategist: GBPUSD
Sunday, April 25, 2010

by Mohammed Isah of FXTechstrategy.com

GBPUSD: Recovery To Target The 1.5521/74 levels.

GBPUSD: GBPUSD: Recovery To Target The 1.5521/74 levels.

GBPUSD: Risk of a retarget of its April 15’10 high at 1.5521 is now likely after the pair recovered off the 1.5190 level to close the week higher at 1.5375 on Friday. As long as GBPUSD holds above its April 19’10 low at 1.5190 and its April 06’10 low at 1.5127, our upside view remains valid. With that said, a violation of the 1.5521 level will call for further strength towards the 1.5574 level, its Feb 23’10 high and then the 1.5814 level, its Feb 17’10 high. This view is in line with its nearer term uptrend triggered at the 1.4796 level. On the other hand, immediate support rests at the 1.5317 level with a break extending further weakness towards its April 19’10 low at 1.5190 and next its April 06’10 low at 1.5127. A breather should occur here and then turn the pair back up again. However, if that level fails, lower level prices will shape up towards its Mar 25’10 low at 1.4796 and its 2010 low at 1.4782 level. This zone preserves GBP’s present consolidation to corrective price action. Therefore, a break will resume its broader medium term declines towards the 1.4511 level, its April 26’10 low and then its April’09 low at 1.4396. All in all, the pair looks to retarget the 1.5521 level as long as it holds above the 1.5190 and 1.5127 levels. As long as GBPUSD holds above its April 19’10 low at 1.5190 and its April 06’10 low at 1.5127, our upside view remains valid. With that said, a violation of the 1.5521 level will call for further strength towards the 1.5574 level, its Feb 23’10 high and then the 1.5814 level, its Feb 17’10 high. This view is in line with its nearer term uptrend triggered at the 1.4796 level. On the other hand, immediate support rests at the 1.5317 level with a break extending further weakness towards its April 19’10 low at 1.5190 and next its April 06’10 low at 1.5127. A breather should occur here and then turn the pair back up again. However, if that level fails, lower level prices will shape up towards its Mar 25’10 low at 1.4796 and its 2010 low at 1.4782 level. This zone preserves GBP’s present consolidation to corrective price action. Therefore, a break will resume its broader medium term declines towards the 1.4511 level, its April 26’10 low and then its April’09 low at 1.4396. All in all, the pair looks to retarget the 1.5521 level as long as it holds above the 1.5190 and 1.5127 levels.

Get Clear-Cut and Efficient Levels To Trade By Subscribing To Our Professional Suite Service

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

Recent articles from this author

Special Focus: USDCHF (Week Ahead) - Saturday, February 11, 2012
Technical Focus: EURUSD - Monday, February 06, 2012
Special Focus: USDCHF (Week Ahead) - Saturday, February 04, 2012
Special Focus: USDJPY - Tuesday, January 31, 2012
Special Focus: USDCHF (Week Ahead) - Saturday, January 28, 2012

About the author

Mohammed Isah is a Technical Strategist and head of research at FXTechstrategy.com, a technical research website. He has been trading and analyzing the foreign exchange market for the past 7 years.

He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXTechstrategy.com. Mohammed has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, Thestreet.com, MoneyShow, The Technical analysis of Stocks & Commodities Magazine, Businessinsider and FXstreet.com

At FXTechstrategy.com he writes daily and weekly technical commentaries on currencies and commodities which are offered to its clients. He provides full coverage of the forex market with specific daily focus on 7 currencies (EURUSD, GBPUSD, USDJPY, EURGBP, EURJPY, AUDUSD and USDCAD) and the Dollar Index utilizing various technical tools and strategies. He also covers the commodities market twice in a week focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN, WHEAT and CRB Index.

Mohammed can be reached via email at m.isah@fxtechstrategy.com.

Home • Charts & Quotes • Commentary • Authors • Education • Broker Search • Trading Tools • Help • Contact • Advertise With Us • Commodities

Markets: Currencies • Energies • Financials • Grains • Indices • Meats • Metals • Softs

The information contained on InsideFutures.com is believed to be accurate but is not guaranteed. Market data is furnished on an exchange delayed basis by Barchart.com. Data transmission or omissions shall not be made the basis for any claim, demand or cause for action. No information on the site, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any futures or options contracts. InsideFutures.com is not a broker, nor does it have an affiliation with any broker.

About Us • Sitemap • Legal • Privacy Statement