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By:

Forexpros (Munther Marji )

2009-20-11

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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 support specified in yesterday's report 1.6694 and reached the suggested target 1.6623 successfully. Which means that we have broken the trendline from November 13th bottom, and that the technical outlook for the medium-term got a hard hit that initiated a correction for the whole rising move from 1.5705, and will affect the price for days to come. We will not be surprised when we see prices below 1.63 next week, like 1.6291 & 1.6152. As for the short-term, Fibonacci 61.8% at 1.6772 is resistance of the day, and only breaking this level will improve the technical outlook, giving a chance to reach 1.6841 first, and then 1.6899. Short-term support is 1.6618 and breaking it would indicate a continuation of the drop towards 1.6552, 1.6486 and may be 1.6429. It is obvious after breaking the rising trendline, that odds favor more downside activity, but we can not neglect the possibility of a sharp correction now that the RSI have reached oversold territory, on most timeframes, from the 5-min chart to the 4-hour chart.

Support:
• 1.6618: the rising trendline from yesterday's low on intraday charts.
• 1.6552: previous important support/resistance area.
• 1.6486: previous well known support/resistance area, that contains several daily highs and lows, the last of which where Oct 23rd low, and Oct 20th high.

Resistance:
• 1.6772: Fibonacci 61.8% for the short-term.
• 1.6841: Nov 9th high.
• 1.6899: Aug 5th low.

Munther T. Marji
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