GBPUSD: Bullish Offensive Set For The 1.6546 Level

Jul. 26, 2011 8:11 AM ET
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Contributor Since 2009

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven 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. He 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, The International Business Times,Thestreet.com and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.
 
GBPUSD: Having followed through higher on the back of its past week gains, further bull pressure is now eyeing its major resistance at the 1.6546 level, its May 31’2011 high.A cut through that level will open the door for more upside gains towards  the 1.6743 level, its 2011 high. Alternatively, the risk to this analysis will be a return below the 1.6193 level and the 1.6262 level, its Jun 22’2011 high. However, the bigger challenge will be a break and hold below the 1.5778 level, its July 12’2011 low. In such a case,  the 1.5749 level, its Jan 25’2011 low will be targeted followed by the 1.5700 level, its psycho level.
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