Tuesday, April 21, 2009

Daily Analysis of GBPUSD


GBPUSD closed above its crucial resistance at 1.4648. Today, we will have to see whether the break above the resistance holds good. Of course, there would be a bit of retracement to get some more sellers but unless we see a clear breakdown of the support at 1.4648, i guess we should be going up a bit more.

As can be seen from the attached hourly chart, GU did make a high around 1.47 and has since dropped down. Asia usually reverses all the gains made from the US sessions and so i guess this is kind of expected. The London session would be crucial as this would set the tone for the rest of the day. Except for a small breach of the support, we have not had a break of the support so far which should set up a target of 1.47 for the bulls. Break of that should lead to 1.4770 and then on to 1.4830. Breakdown of support should lead to 1.4587 and then on to 1.4526..

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