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GBP/USD – A break that cannot be ignored

By:

Forexpros (Munther Marji )

2009-03-12 09:51:00 GMT

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Munther Marji

Mr. Munther Marji is the founder of The Technical Trader Analysis Services, which was founded in May 2003, and still generates technical analysis & forex signals on daily & weekly basis. He came to the world of forex as a broker in Dec 2000, .....

The Pound broke the resistance 1.6608 and successfully reached the first target 1.6673. The most important thing that has happened in the past 24 hours, was the break of the falling trendline on the 4-hour chart. And that is a break that cannot be ignored, and it improves the technical outlook. The resistance that awaits this break to validate its strength or weakness, is 1.6726, if broken, this break will show enough strength to go on, on the way up to 1.6795 as a first target for this break and an important resistance, and if broken we will target 1.6844. Short-term support is the nearby 1.6677 and breaking it will hit the price hard, and will lead to a retest of the broken trendline which is currently at 1.6600. And if we fall below it, the drop will get deeper and target 1.6537, and may be the most important support for the medium-term 1.6499.

Support:
• 1.6677: the rising trendline from 1.6548 on the intraday charts.
• 1.6600: the retest level for the broken trendline on the 4-hour chart.
• 1.6537: Fibonacci 50% for the rise from 1.6378.

Resistance:
• 1.6728: important intraday resistance from last week.
• 1.6795: Nov 11th high.
• 1.6844: Nov 18th high.

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