Posted by: Babu Suresh | October 22, 2009

GBPUSD-221009

Hello friends,

GBPUSD-221009Yet another dazzling week for Pound, setting stage for the forthcoming GDP report on the status of the UK economy, to be released on Friday.

Despite the rise has been significantly without much strength, driven mostly by the sentiment, chances look bright to test 1.67 in the midst of conflicting signals and statements arriving from UK.

GBPUSD-1-221009Technically speaking, my 1.6254 provided good support and all my resistances were firmly broken. I would recommend position traders as well as day traders to be cautious as there will be huge volatility before GDP report is released on Friday.

Probably Supports: 1.6519, 1.6416, 1.6378; Resistances: 1.6659, 1.6759

Healthy And Wealthy Trading

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