Great British Pound vs. Japanese Yen (2011-12-13)

The pair continues to trade within the side-ways range -shown on image- after attempting to breach the support of the range once. Accordingly, we will continue to hold onto our weekly scenario as the pair should breach either the support of the range at 121.00 or the resistance at 122.25. Therefore, we recommend reviewing our weekly report for more details.
The trading range for the day may be among the 119.30 support and 123.15 resistance. The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.

Previous Report

Weekly Report

Support121.00120.70120.00119.30119.00Resistance122.25122.60123.15123.80124.30RecommendationBased on the charts and explanations above we recommend buying the pair with a breach above 122.25 targeting 124.00 and stop loss below 121.00 OR selling the pair with a breach below 121.00 targeting 119.30 and stop loss above 122.25 may be appropriate For more forex information, go to www.ecpulse.com Share

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Euro vs. Great British Pound (2011-12-13)

The pair violated the 0.8525 critical support which is the 76.4% Fibonacci correction for the bullish wave from 0.8354-0.9083, and this signals that the main descending channel is still controlling the pair's movement and more downside pressure is likely. Main target is at the 100% level around 0.8354, taking into consideration that breaching 0.8525 may delay acquiring the awaited target. The trading range for the day may be among the 0.8385 support and 0.8765 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
Previous ReportWeekly ReportSupport0.84150.83850.83550.83000.8280Resistance0.84600.85250.86050.86350.8680RecommendationBased on the charts and explanations above we recommend selling the pair around 0.8525 targeting 0.8415,stop loss with four-hour closing above 0.8605 may be appropriate For more forex information, go to www.ecpulse.com Share

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Great British Pound (GBP) Technical Major Currencies (2011-12-13)

The consolidation continued around the initial support of 1.5590 where 23.6% Fibonacci retracement of the downside rally from 1.6615 to the former low of 1.5270. Actually, the negative daily closing below SMA20 & SMA50 combination is seen as a proof that Cable may clear the aforementioned important level. At the same time, Stochastic continues reflecting its bearish tendency; thus, we hold onto our bearish predictions over intraday basis, supported by the harmonic outlook over short term basis. A break of 1.5420 will accelerate declines towards 1.5270.
The trading range for today is among key support at 1.5375 and key resistance at 1.5820.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
Previous Report Weekly Report
Harmonic short term outlookSupport1.55401.55101.54601.54201.5375Resistance1.56301.56801.57201.57801.5820RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.5590 targeting 1.5270 and stop loss above 1.5780 might be appropriate.


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