GBPUSD: An attempt on the upside following the pair’s strength activated at the 1.4110 level, its Mar 30’09 low failed Monday ahead of its key resistance zone seen at its Jan 16’09/Feb 09’09 highs at 1.4981/86.While this may have halted upside momentum temporarily, as long as the mentioned corrective decline is contained within its established ST rising channel, risk remains to the upside with a retarget of the 1.4981/86 zone expected. Above there will resume GBP’s recovery started at the 1.3655 level, its Mar 11’09 low towards the 1.5374 level, its Jan 08’09 high. Alternative, building on its Monday losses will mean further downside prices targeting the 1.4662 level, its Feb 23’09 high at first with a loss of there accelerating downside losses towards the 1.4305 level, its Mar 06’09 low and next the 1.3845 level, its Mar 18’09 low. All in all, we retain our bullish bias while the pair continues to maintain within its rising channel.
Support Comments
1.4662 Feb 23’09 high
1.4305 Mar 06’09 high
1.4137 Feb 12’09 low
Resistance Comments
1.4981/86 Jan 16’09/Feb 09’09 highs
1.5373 Jan 08’09 high
1.5722 Dec 17’08 high
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