20 February 2011 Last Updated on 12 February 2013 Mohammed Isah

Daily Technical Strategist Feb 12-2013 - Written by Mohammed Isah
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GBPUSD: Sells Off, Risk Seen Towards The 1.5500 Level.

GBPUSD: GBP has sold off and taken out its key support at the 1.5630 level, its Feb 05’2013 low. This has exposed the 1.5500 level and set the stage for further declines.  A violation of the 1.5500 level will call for more declines towards the 1.5450 level and next the 1.5400 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, the pair must return above the 1.5803 level to create scope for more upside towards the 1.5844/77 levels. Further out, resistance resides at the 1.5900 level and then the 1.6000 level followed by the 1.6179 level. On the whole, GBP continues to look vulnerable on further medium term weakness.

Daily Analysis
USDCAD: Maintains Above Trendline Support.
USDCAD:  The pair is holding above its trendline it rejected on Monday. This suggests that corrective recovery risk is building up possibly towards the 0.0990 level. A violation will call for a run at the 1.0083 level. Above here will trigger its medium term uptrend followed by the 1.0125 level. On the downside, support comes in at the 0.9885/73 levels where a reversal of roles as support is likely to occur and turn the pair higher. However, if this fails, further declines should build up towards the 0.9692/31 levels. A breach of here will call for more declines towards the 0.9500 level. All in all, USDCAD remains biased to the upside in the short term above its trendline support.


Note: This is an excerpt from The Professional Suite, our daily 7-currency research package covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD. Get The Full Package Including 3 FREE Bonuses Now



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