Pound/Dollar: Although the outlook for GBP remains higher in the long term, the possibility of a corrective pullback continues to increase as the pair is presently weakening following a turn ahead of its April 28’2011 high at 1.6743. This development could see the pair weaken further towards the 1.6598 level, its April 21’2011 low where a break will set the stage for additional downside pressure towards its breakout point seen at 1.6361 level. A reversal of roles as support is expected to occur there and turn the pair back up. Other supports if the 1.6361 level gives in are located at the 1.6164 level and the 1.6000 level, its big psycho level. On the other hand, the pair will have to break and hold above 1.6743 level to reverse its present bear threats and then bring further upside gains towards the 1.6877 level, its Nov’2009 high. A loss of that level will pave the way for more strength towards its bigger resistance standing at the 1.7039 level, its 2009 higher. 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 Opinions share Read Next ISM Manufacturing PMI Surprises – Dollar Isn’t Cheered Yohay Elam 12 years Pound/Dollar: Although the outlook for GBP remains higher in the long term, the possibility of a corrective pullback continues to increase as the pair is presently weakening following a turn ahead of its April 28'2011 high at 1.6743. This development could see the pair weaken further towards the 1.6598 level, its April 21'2011 low where a break will set the stage for additional downside pressure towards its breakout point seen at 1.6361 level. A reversal of roles as support is expected to occur there and turn the pair back up. Other supports if the 1.6361 level gives in are located… Regulated 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.
