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
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