Wednesday, October 21, 2009

GBP/USD Breakout on higher timeframes

Weekly and Daily charts show a clear Breakout in Sterling.

Daily Channel has been probed yesterday and I am watching for a higher close today to confirm the breakout. This move is also supported by the steep drop in EUR/GBP which is targeting the psychological 0.90 level and below that is the 55-DMA at 0.8913.

On Weekly chart the Pound is targeting the 89-Week MA at 1.7007.

For more precision I have marked the previous Highs on Daily chart as they will act as primary Resistance levels on the way up:
-> First level - 1.6739
-> Second level - 1.7041


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