Update Daily Technical Levels from FXCC 10 Aug 2011
Intraday Technical Levels:
Pivot: 1.431
Preference: Long positions above 1.431 with targets @ 1.44 & 1.4455 in extension.
Alternative Scenario: Below 1.431 look for further downside with 1.4275 & 1.4225 as targets.
Comment: the pair is pulling back on its new support ahead of a rebound.
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Intraday Technical Levels:
Pivot: 77.05
Preference: Short positions below 77.05 with targets @ 76.3 & 76 in extension.
Alternative Scenario: Above 77.05 look for further upside with 77.35 & 77.65 as targets.
Comment: the pair has struck against its MT declining trend line and remains under pressure.
GBP/USD
Intraday Technical Levels:
Pivot: 1.6225
Preference: Long positions above 1.6225 with targets @ 1.63 & 1.6375 in extension.
Alternative Scenario: Below 1.6225 look for further downside with 1.6175 & 1.6120 as targets.
Comment: the pair is pulling back on its support, the RSI calls for caution.
Daily Technical Levels from fxcc.com
Source: FX Central Clearing