kedoose
07-02-2007, 09:06 AM
The British pound managed to move towards the upside last week in regular steps with a strong base at the bottom of 1.9860s last week. This week the technical indicators have shown the upward channel with levels of momentum that might be described as high; that held the pound to become trading above the major level at 2.0000.
The trading range for today might be between the key resistance level at 2.0130 and the key support level at 2.0000.
The general trend is up as far as 1.9475 and 1.9360 remains intact targets now at 2.0100 and 2.0240
Support 2.0074 2.0066 2.0047 2.0017 1.9990
Resistance 2.0121 2.0141 2.0163 2.0180 2.0200
Recommendation
We expect buying sterling above 2.0060 with a target at 2.0115 stop loss below 2.0000.
The trading range for today might be between the key resistance level at 2.0130 and the key support level at 2.0000.
The general trend is up as far as 1.9475 and 1.9360 remains intact targets now at 2.0100 and 2.0240
Support 2.0074 2.0066 2.0047 2.0017 1.9990
Resistance 2.0121 2.0141 2.0163 2.0180 2.0200
Recommendation
We expect buying sterling above 2.0060 with a target at 2.0115 stop loss below 2.0000.