20 February 2011 Last Updated on 16 February 2013 Mohammed Isah

Special Focus - Written by Mohammed Isah
.

GBPUSD: Weak, Set To Extend Declines.

GBPUSD: With GBP selling off to reverse its previous week gains and close lower at the end of the week, further bearishness is likely in the new week. This development leaves it targeting its support located at the 1.5450 level where a violation will call for a run at the 1.5400 level and then the 1.5320 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, the pair must return above the 1.5644 level to reverse its past week losses and create scope for more upside towards the 1.5700 level. Further out, resistance resides at the 1.5900 level and then the 1.6000 level. On the whole, GBP continues to look vulnerable to the downside.

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



Get More Details About The Professional Suite
Have Questions? Contact Us

 

 


FX Awards


What Users Are Saying

Testimonial

FREE Newsletters
.
Sign Up for your FREE
Newsletter and
Get FX news and trade
ideas.
Get Unlimited Access to:
  • Daily Analysis
  • Special Focus
  • Weekly Analysis
We Guarantee 100% Privacy

What Users Are Saying

Testimonial

 

Testimonial

 

Testimonial






























 

BuyerShield.com - Click to Verify