8 Mar 2010

GBP/USD Analysis:
The week end with a surprise recover of the pound back and above 1.515.

Today will be a quiet day with no major European news. SO its all technical.

Looking at the 1 hour chart, showed the pound on a break up above EMA200. However, the daily chart showed a resistance at EMA21 at 1.524.

Euro has too recover from its low of 1.34 to 1.37. The pound will mostly likely make a high towards resistance.

On the down side, support is at 1.514/12 region, before any break down towards 1.507