Deltastock
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August 18, 2011
Current level - 1.6509
The British pound made a strong push against the weak dollar by breaking the highest level since the end of May and closing just below that level.
Although a short correction is possible after the recent rally, we expect another break above the 1.6550 resistance, which would open way towards the April highs at 1.6745.
Holding above 1.6250 affirmed the support level. In case of a move below, we expect the 200-day SMA, which is currently projected close to 1.6100, to act as the next support. In the longer-run 1.6000 remains as the key threshold for the pair.
Current level - 1.6509
The British pound made a strong push against the weak dollar by breaking the highest level since the end of May and closing just below that level.
Although a short correction is possible after the recent rally, we expect another break above the 1.6550 resistance, which would open way towards the April highs at 1.6745.
Holding above 1.6250 affirmed the support level. In case of a move below, we expect the 200-day SMA, which is currently projected close to 1.6100, to act as the next support. In the longer-run 1.6000 remains as the key threshold for the pair.