Posted by: Babu Suresh | October 16, 2009

GBPUSD-161009

Hello friends,

GBPUSD-161009In the last few days, Pound had witnessed a phenomenal come back with a great vigor after taking support from 1.57.

While there is still life to sustain the gains and test 1.64, I would be cautious on the long side and keep aside as I notice the last phase has been without much strength.

GBPUSD-1-161009It’s obvious there has not only been fresh longs but, good amount of short covering too helped push the Pound. While traders and investors are still wary of BOE’s stance on wanting a weaker currency, in the absence of any substantial and comprehensive reasons, chances look dim their ambition would be fulfilled in the near future.

Probable Supports: 1.6339, 1.6254, 1.6086; Resistances: 1.6416, 1.6451

Healthy And Wealthy Trading

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