Forex4you Technical Analysis 7 June 2011

GBP/USD: technical analysis
Market chose the bearish scenario for yesterday's trades. Having tested 1.6320 support level, the price recommenced its growth, so it now resides at level 1.6400/10. Indicators are making attempts to turn up, although at the moment this growth seems to be just a short-term event. Nevertheless, if the price breaches or even pierces level 1.6450/60, further uptrend will become quite a possibility. In this case targets will be seen at 1.6500/10 and 1.6540 resistance levels. 1.6540/50 level breakout will be the final sign for growth towards 1.6600/1.6700 level. At the moment, however, downtrend is more likely and 1.6320/00 support breakout would indicate the next decline to 1.6230/40 and then to 1.6100/10 level.


Forex | 外匯
Analysis by: Joaquin Monfort
Forex4you analyst

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