Forex4you Technical Analysis 9 June 2011

GBP/USD: technical analysis
Previous forecasts, anticipating further bullish development should have been correct. The price recommenced its growth after a decline and is currently making another attempt to breach 1.6450/60 resistance line, where trading is now being carried out. Indicators have slightly changed their readings and now seem to be more in favor of growth, but they are still rather neutral, which makes the situation rather unclear. If the price breaches and holds above 1.6450/60 level, it will indicate the 'bullish' victory and suggest further growth to 1.6680/90 level. Support 1.6320 breakout, on the other hand, will change market sentiment to "bearish" and we'll be expecting trades to fall down to 1.6230/40 and then to 1.6100/10 level. Today's BoE interest rate decision gives reasons to be cautious, since it may push the trades either way.

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Analysis by: Joaquin Monfort
Forex4you analyst

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