| GBPUSD 03-03-10 |
GBPUSD
GBPUSD has managed to rebound strongly off trendline support since touching lows of 1.4783, so we have tentatively highlighted a very short-term uptrend channel within the dominant 6 week downtrend. This morning’s rally has rebounded from the top of this channel around 1.5070 (a level coinciding with technical levels from May 2009), and we expect further gradual recovery as the 14-day RSI recovers from its very oversold 23.5.
There are likely to be a number of areas of selling pressure above however, with 1.5070 still intact, then 1.5190, 1.5350 major pivot level and the former flag break out level at 1.5580.
As discussed yesterday, there are few areas of proven support below, but 1.4857 represents the 61.8% fibonacci level (retracement of 1.3505-1.7043), then we see 1.4780 lows from Monday before downtrend support now seen at 1.4660.
GBPUSD has managed to rebound strongly off trendline support since touching lows of 1.4783, so we have tentatively highlighted a very short-term uptrend channel within the dominant 6 week downtrend. This morning’s rally has rebounded from the top of this channel around 1.5070 (a level coinciding with technical levels from May 2009), and we expect further gradual recovery as the 14-day RSI recovers from its very oversold 23.5.
There are likely to be a number of areas of selling pressure above however, with 1.5070 still intact, then 1.5190, 1.5350 major pivot level and the former flag break out level at 1.5580.
As discussed yesterday, there are few areas of proven support below, but 1.4857 represents the 61.8% fibonacci level (retracement of 1.3505-1.7043), then we see 1.4780 lows from Monday before downtrend support now seen at 1.4660.
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