20 February 2011 Last Updated on 17 March 2013 Mohammed Isah

Daily Technical Strategist Mar 15-2013 - Written by Mohammed Isah
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GBPUSD: Bullish On Corrective Recovery.

GBPUSD: A third day of upside on recovery is now underway. This suggests that we could see further upside towards the 1.5198 level where a violation will aim at the 1.5300 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk to its present bullish offensive will be a reversal of that gain and a return to the 1.4830 level. Below here if seen will resume its broader medium term downtrend towards the 1.4800 level. A violation will aim at the 1.4700 level followed by the 1.4700  level. On the whole, GBP continues to retain its broader downside bias though recovering.

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 Packagecovering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD. Get The Full Package Including 3 FREE Bonuses Now



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