GBPUSD: Bullish, Threatens The 1.6516 Level GBPUSD: As bullish pressure continues to build up, further upside risk is expected to target the 1.6516 level, its May 11’2011 high. This is coming on the back of a recovery rally started from the 1.6056 level on May 24’2011. With that said, to convince the market that a resumption of its long term uptrend is building up, the pair will have to break and hold above the 1.6516 level. This will set the stage for further strength towards the 1.6743 level and then the 1.6877 level, its Nov’2009 high. Guest post by www.fxtechstrategy.com A loss of the latter level will pave the way for more price extension towards its bigger resistance at the 1.7039 level, its 2009 high. Its daily RSI is bullish and pointing higher suggesting further strength. Alternatively, in the absence of the above view, risk of a decline back towards the 1.6056 level, its May 24’2011 low cannot be ruled out with a break paving the way for a run at the 1.5935 level, its Mar 28’2011 low. USDCAD: Hesitant But Bullish. USDCAD: We continue to retain out bullish bias on USDCAD despite its present price hesitation. As long as the pair continues to retain most of its recovery strength started from the 0.9445 level in early May’2011. While the 0.9709/20 zone hold as supports, our upside view remains valid. A cut through the 0.9800 level and the 0.9845 level will set the stage for additional strength towards the 0.9967 level, representing its long term falling channel top (visible on the weekly chart). Its daily stochasticsis bullish and pointing higher supporting this view. Alternatively, in case of a pullback, the 0.9709/20 zone will be aimed at ahead of its May 20’2011 low at 0.9639 where a break will open the door for further declines towards the 0.9511 level, its May 11’2011 low. We expect that level to hold and turn the pair back up, but if it snaps, the 0.9446 level, its 2011 low will be targeted. All in all, USDCAD remains biased to the upside on corrective recovery of its recent long term weakness though it is hesitating. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Opinions share Read Next Forex Weekly Outlook -May 30-Jun 3 Anat Dror 10 years GBPUSD: Bullish, Threatens The 1.6516 Level GBPUSD: As bullish pressure continues to build up, further upside risk is expected to target the 1.6516 level, its May 11'2011 high. This is coming on the back of a recovery rally started from the 1.6056 level on May 24'2011. With that said, to convince the market that a resumption of its long term uptrend is building up, the pair will have to break and hold above the 1.6516 level. This will set the stage for further strength towards the 1.6743 level and then the 1.6877 level, its Nov'2009 high. Guest post by www.fxtechstrategy.com… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.