GBPUSD: With continued downside weakness seen, the possibility of further weakness is expected. The risk is for GBP to weaken further towards the 1.6164 level, its April 18’2011 low and then its psycho level at 1.6000. A halt is expected at that level to turn the pair back up. Â Its daily RSI is bearish and pointing lower supporting this view. Guest post by www.fxtechstrategy.com Alternatively, the pair will have to break and hold above the 1.6516 level, its May 11’2011 high to end its present weakness and then open the door for a move towards the 1.6743 level and then the 1.6877 level, its Nov’2009 high. A loss of the latter level will pave the way for further strength towards its bigger resistance at the 1.7039 level, its 2009 higher. All in all, GBP remains biased to the upside in the long term but continues to face corrective weakness risk. 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 Forex Crunches for the Weekend – May 14 Yohay Elam 11 years GBPUSD: With continued downside weakness seen, the possibility of further weakness is expected. The risk is for GBP to weaken further towards the 1.6164 level, its April 18'2011 low and then its psycho level at 1.6000. A halt is expected at that level to turn the pair back up. Â Its daily RSI is bearish and pointing lower supporting this view. Guest post by www.fxtechstrategy.com Alternatively, the pair will have to break and hold above the 1.6516 level, its May 11'2011 high to end its present weakness and then open the door for a move towards the 1.6743 level and then… 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.
