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GBPUSD – All eyes on 1.6499

By:

Forexpros (Munther Marji )

2009-04-12 08:22:00 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 support specified in yesterday’s report 1.6677 and reached both suggested targets 1.6600 & 1.6537 with complete success, stopped at 1.6518, before taking a breath and starting to rise again. This completely expected drop came close to the most important support for the medium-term 1.6499, which combines Fibonacci 61.8%, and the bottom of the rising trend channel on the hourly chart, which doubles the importance of this level. Short-term support is at 1.6544, and if broken all eyes will be on 1.6499, because a break here would put an enormous pressure on the falling Pound that is coming from 1.67, which will target 1.6390 at least. If price is to show strength, it has to break 1.6595, and if that happens we will target the important 1.6642, which represents Fibonacci 61.8% and if this is also broken, a jump over 1.67 will be expected, targeting 1.6726.

Support:
• 1.6544: short-term support.
• 1.6499: Fibonacci 61.8% for the short-term.
• 1.6390: Dec 1st low.

Resistance:
• 1.6595: Fibonacci 38.2% for yesterday’s drop.
• 1.6642: Fibonacci 61.8% for yesterday’s drop.
• 1.6726: important intraday top from last week.

Munther T. Marji
FOREXPROS

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