Thursday, April 28, 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.

Yesterday's rise filled my target at 1.6750 and currently a consolidation pattern is underway, aiming at 1.6640 support. The bias on the larger frames is still bullish, so current slide is to be considered corrective before next advance towards 1.6860.

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