The pair is now trading slightly above the 1.4670 which is the pivot point on the medium term and depends on the daily closing where just one close below it will open the way for further downside movements. On the four hour line chart, it is assured that trading below the mentioned level will result in a sharp decline. Today we expect the pair to continue declining where remaining below the 1.4750 will confirm the weekly target at 1.4530

The trading range for today might extend among the support level at 1.4520 and the resistance level at 1.4875

The general trend remains to the downside as far as 1.5830 remains intact with targets at 1.4870 and 1.4340

Trading below the 1.8530 level weakened the pound further where the relative strength indicator showed the pair being oversold at the 14 level which is the highest on the pair since the 1990s. However, despite these downside directiona indicators, heavy fluctuations is expected today but the trend on the medium term remains on the downside where we are gradually reaching the long term target at 1.8180.

The trading range for today might extend among the support level at 1.8290 and the resistance level at 1.8610

The general trend remains to the downside as far as 1.9485 remains intact with targets at 1.8070

We see bullish momentum on the pair on several technical indicators helped by the yesterdya's rebound from the 61.8% fibonacci level. From here we expect the pair to have the ability to breach the 110.25 resistance level to reach the medium term target at 111.00

The trading range for today might extend among the support level at 108.40 and the resistance level at 111.55

The general trend remains to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

This is another chance for the pair to try to breah the resistance level at 1.1030 yet this time it seems like the pair was able to gather enough momentum as it built a solid base above the 1.09 level for a long time. After the decline we expected yesterday, we expect today's trading to experience fluctuations due to the strong momentum alongside the pair being overbought on an intraday basis. However, now we expect the resistance level at 1.1030 to be breached in upside movements on the medium term.

The trading range for today might extend among the support level at 1.0855 and the resistance level at 1.1140

The general trend remains to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455

The pair continued yesterday's rebound where we expect the prive to reach the 23.6% correctional level around 1.0550 at the very least. If the pair was able to build a solid base above this level a new strong ascending channel will be initiated. The problem with the rebound seen on August 22, 2008 was that it occured as soon as it reached the 50% correction which is the weakest fibonacci correction where the pair didn't retest the 1.0350 level that triggered the upside wave again. We need a confirmation as the pair trades above the 1.0600 level to assure the upside movements yet we believe for today that the pair will attempt to breach the 1.0550 and perhaps the 1.0600 however signals to the upside are little as seen on direction indicators despite the fair bullish momentum seen on other indicators.

The trading range for today might extend among the support level at 1.0415 and the resistance level at 1.0695

The general trend remains to the upside as far as 1.0350 remains intact with targets at 1.0825 and 1.1000