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Daily technical stategist GBPUSD 10 11 11

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Daily technical stategist GBPUSD 10 11 11 Powered By Docstoc
					 Thursday, 10th of Nov, 2011                                 FXTechstrategy Team
                                                           info@fxtechstrategy.com
DAILY TECHNICAL STRATEGIST
        GBPUSD
                            GBPUSD: Wipes Out Three-Day Gains, Risk
                            Remains To The Downside.

                            GBPUSD: Having turned lower ahead of 1.6161
                            level, its Oct 31’2011 high and sold off strongly to
                            wipe out its three-day gains on Wednesday, risk of
                            further downside weakness is expected. In such a
                            case, the 1.5874/50 zone will come as the next
                            downside support where a reversal of roles is
                            likely to occur and turn the pair back up. However,
                            if violated, further declines should build up
                            towards to the 1.5632 level, its Oct 18’2011 low
                            and possibly lower towards its Oct 12’2011 low at
                            1.5541. Its daily RSI is bearish and pointing lower
                            supporting this view. Alternatively, the risk to this
                            analysis will be a return to the 1.6161 level where
                            a breach will resume its short term uptrend
                            towards the 1.6204 level, its Sept 06’2011 and
                            subsequently its Aug 30’2011 high at 1.6418. On
                            the whole, the pair may have backed off higher
                            prices but continues to hold on its short term
                            uptrend.

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Description: GBPUSD: Having turned lower ahead of 1.6161 level, its Oct 31’2011 high and sold off strongly to wipe out its three-day gains on Wednesday, risk of further downside weakness is expected.