The GBPUSD maintained a bearish momentum yesterday , topped at the 1.6740 levels , and bottomed at the 1.6621 levels . This development leaves the pair targeting the 1.6580 levels , a halt is likely , but losing  the 1.6580 levels would open 1.6520 next , strong support could be seen around this level , sustained trading below the 1.6520 will turn focus on the 1.6450 levels..

On the upside , a failure to hold below the 1.6621 levels could mean  a return to the 1.6710 levels , break of 1.6710 will open main resistance at the 1.6740 levels , If 1.6740 fails on a daily basis , the pair will challenge the 1.6785 levels , a clear break will suggest resumption and sooner or later the pair will aim the psychological level 1.7000.

In all , as long as resistance 1.6740 holds on a daily closing basis , the GBPUSD will remain based to the downside in short term view with risk towards the 1.5680 levels ahead the of 1.6520 levels , sustained trading above the 1.6740 will resume the long term bullish trend and open 1.7000 levels.

In medium term outlook , we have strong demand within 1.6425/1.6600 range , this level should provide strong demand and bring reversal towards the 1.7000 levels , sustained trading below the 1.6425 on a daily basis will suggest large reversal is on the way  ..


Views: 456

Tags: GBPUSD

Comment by kamdi eloji on March 11, 2014 at 6:24am

Morning haith any thoughts on the EURO today

Comment by Haitham653 on March 11, 2014 at 8:11am

Morning Kamdi........

I have the same recommendations as yesterday.......despite hesitation I'm bullish above 1.3832

Comment by Bero Maatouk on March 11, 2014 at 8:30am

Morning haitham and thank for this post ...

you have a mistake in your post you said (This development leaves the pair targeting the 1.5680 levels)it should be 6580 our last support to watch ...

Comment by Haitham653 on March 11, 2014 at 8:37am

The typing error was corrected

Thanks Bero...

Comment by kamdi eloji on March 11, 2014 at 9:12am

thanks haith

Comment by Haitham653 on March 11, 2014 at 3:03pm

EURUSD rejected from the key support 1.3832 as suggested yesterday , minor resistance at the 1.3872 levels , break of 1.3872 would challenge / recapture the 1.3915 levels , above 1.3915 will target the 1.4035 levels........ 

Comment by Michel Miles on March 11, 2014 at 3:43pm

Hi Mr. Haitham! Today it's possible to close near 1.39?

Comment by Haitham653 on March 11, 2014 at 4:42pm

As I said , we have resistance around 1.3872 levels , It needs to hold above that level first.....If seen , It might close around 1.3900.........

stability below the 1.3872 could mean a return to the 1.3832 levels.......

Comment by Michel Miles on March 11, 2014 at 9:06pm

Hi Mr. Haitham! At this point the pivot for tomorrow will be 1.3832 yer?

Comment by Haitham653 on March 12, 2014 at 4:13am

Yes , 1.3832 remains the pivot level for today , sustained trading below the 1.3832 would only delay the bullish move for retesting 1.3775/1.3750 levels , strong support,,,,,,,,,, 

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