by Fri, 11 Mar 2011 07:05:00 +0100
Forex: GBP/USD aiming to test 1.6030/25 - Charmer Charts
FXstreet.com (Córdoba) - GBP/USD Current price: 1.6060. The steep slump of GBP/USD extended toward a 2-week low at 1.6038 Thursday after the BoE decided not to hike interest rates.
The pair is now experiencing short term pullbacks, because the 1-hour charts were oversold, says Carol Harmer, analyst at Charmer Charts. "However the med term charts still call for weakness therefore we would expect the market to come lower overall and we are going to be looking to sell into strength today".
"If we can reach 1.6125 to 1.6140 we would be sellers once more, keeping stops then above 1.6175", said Harmer. "We look for another test of 1.6030/25 where we would cover. Re-sell a break below 1.6025 as this keeps the immediate bias to the downside and leaves 1.5950 then 1.5915 targeted".
| Technical Analysis (2011-03-11 06:00 GMT) | |
|---|---|
GBP/USD 1.60605/1.60647 - O: 1.6251 H: 1.6255 L: 1.6249 C: 1.6253 | |
| Trend | R3: 1.6145 |
 | R2: 1.6105 |
| R1: 1.6065 | |
| S1: 1.5982 | |
| S2: 1.6022 | |
| S3: 1.6062 | |
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