Monday, May 02, 2011

GBP/USD Technical Analysis

The pair is in an uptrend after bottoming at 1.4226. Trading is situated above the 50- and 200-day SMA, currently projected at 1.6090 and 1.5715.

Due to today's bank holiday in UK, no major swings are to be expected and the pair is likely to maintain its current range 1.6690-6624. Major support on the downside is 1.6580.

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