By Yan Petters
After providing some signals for a bullish correction, the Pound seems to resume its bearish trend with full steam. A short analysis of the GBP/USD and the GBP/JPY crosses delivers the same conclusion – the Pound is going down.
• Here are the GBP/USD and the GBP/JPY 1-day charts by forexYard.
• The two charts look quote similar. This suggests that the currency that determines the trend at the moment for both pairs is the Pound.
• It is also notable that all technical oscillators are pointing down at the moment, indicating that the bearish momentum is still quite strong.
• The next significant support levels for the GBP/USD are located at the 1.5050 and the 1.4950.
• The next significant resistant levels are located at the 1.5350 and the 1.5460.
• The support levels of the GBP/JPY cross are 133.50 and the 131.10 levels.
• The resistant levels of the GBP/JPY cross are 136.55 and 137.80.
• If any of the crosses will manage to breach through two consecutive levels – it will verify the trend.
Forex Market Analysis provided by Forex Yard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.