GBPUSD: With the pair breaking and holding below its key support at the 1.5874/50 zone on Tuesday and following through lower during Wednesday trading, further downside risk is likely in the days ahead.

1. Thursday, 17th of Nov, 2011 FXTechstrategy Team
info@fxtechstrategy.com
DAILY TECHNICAL STRATEGIST
GBPUSD
GBPUSD: Sees Bearish Momentum, Further
Weakness Likely Towards The 1.5682/32
Levels.
GBPUSD: With the pair breaking and holding
below its key support at the 1.5874/50 zone on
Tuesday and following through lower during
Wednesday trading, further downside risk is likely
in the days ahead. In such a case, the 1.5682
level, marking its Oct 20’2011 low will be targeted
with a violation of there turning attention to the
1.5632 level, its Oct 18’2011 low. Further down,
support lies at its Oct 12’2011 low at 1.5541. Its
daily RSI is bearish and pointing lower suggesting
further weakness. Alternatively, the risk to this
analysis will be a return above the 1.5874/50
zone. This will clear the way for a run its key
resistance located at the 1.6161 level, its Oct
31’2011 high where a breach will resume its short
term uptrend towards the 1.6204 level, its Sept
06’2011 and subsequently its Aug 30’2011 high at
1.6418. On the whole, GBP is now under pressure
with the risk of weakening further towards the
1.5682/32 levels.
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