19 Oct 2009

GBP/USD Analysis:
Now WMA5 is above EMA100 on the daily chart. This bring the support to 1.622/ 1.620 region.

Today there is a absent of news but watch out for fed chairman speech at 2300hrs SGT.

After 15 Oct climb, the pound will need a breather, which took place on Friday 16 Oct and may continue to do so this week. Taking reference from the Euro, consolidation has started.

CCI is in a state of consolidation, meaning that there is no clear incidation of pound direction.

Ressistance is at 1.646 then, 1.659.

Trading plan susggestion: It will be safer to watc where pound consolidate to and probably at the support region of 1.62. At such poistion a long can be triggered TP at 1.639. For more conservative, wait for clearer signal from CCI.