Signal for 10/06/2009 for: GBP/USDThis currency pair has had a good week with a clear up-trend and a nice Elliot wave formation since the start of the week. I have been predicting that the Pound may be reaching the 1.70 level this month, seems like its well on its way. Here are the daily levels for 10.06.09: R3-1.6836 The pound has been in a clear up-trend through out the week. At the time I was typing, price had broken an important resistance level at 1.6300 (which is a psychological level and where some clusters were formed from my analysis) and is now trading slightly above it. Possible Scenarios: 1- I would be careful in trading the GBP/USD today, as there may be a retracement in the making. Judging by the move the pound has experience over the following days, we may see a retracement (if ever there is one) to 1.6186. Not only is 1.6186 the 38.2 fib level but it also has some clusters making it a good support level. Thus if 1.6300 does not act as a strong support level and price breaks below, it may head all the way down to the 1.6186 level.Please note that there is some good resistance directly below 1.6300, which is at the 1.6280 level. So if both those levels do not hold price on the upward, the first target if a sell is triggered, will be at 1.6230 and the second target will be at the 38.2 level, which is 1.6186. 2- If price holds above 1.6300 and breaks the next resistance line at 1.6355, then the first buy target would be at 1.6455 and the second target would be at 1.6600. Again wait for the London to open and see how price reacts to those different levels. Happy Trading. Back to: Free Forex Signals Page Back to: Forex Trading Homepage
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