Daily Technical Stategist GBPUSD 10 11 11

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Thursday, 10th of Nov, 2011
DAILY TECHNICAL STRATEGIST GBPUSD
FXTechstrategy Team
info_at_fxtechstrategy.com
GBPUSD Wipes Out Three-Day Gains, Risk Remains
To The Downside. GBPUSD Having turned lower
ahead of 1.6161 level, its Oct 312011 high and
sold off strongly to wipe out its three-day gains
on Wednesday, risk of further downside weakness
is expected. In such a case, the 1.5874/50 zone
will come as the next downside support where a
reversal of roles is likely to occur and turn the
pair back up. However, if violated, further
declines should build up towards to the 1.5632
level, its Oct 182011 low and possibly lower
towards its Oct 122011 low at 1.5541. Its daily
RSI is bearish and pointing lower supporting this
view. Alternatively, the risk to this analysis
will be a return to the 1.6161 level where a
breach will resume its short term uptrend towards
the 1.6204 level, its Sept 062011 and
subsequently its Aug 302011 high at 1.6418. On
the whole, the pair may have backed off higher
prices but continues to hold on its short term
uptrend. To read the full version of this 7
model currency analysis click here FXT Technical
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