Friday, March 12, 2010

Pound hits 3-week highs



Pound hits 3-week highs

(London) - The pound has retaken its bull trend against the Dollar in the final US session of the week. After hitting intraday highs of 1.5172, pair receded as low as 1.5120 before jumping to levels around 1.52 and marking new session highs and indeed, the highest level since 26 February, at 1.5216.

Right now the pair currently trades just below 1.52, quoting 1.5195.

Valeria Bednarik, technical analyst at FXstreet.com, sees next resistance at 1.5240, and sees midterm indicators extremely bullish: "Bigger time frame indicators also remain strongly bullish, suggesting as long as above 1.5140 support zone, pair likely to break above weekly high and extend current rally."

GBP/USD (Mar 12 at 20:20 GMT)

1.5175/77 (0.77%)

H 1.52174 L 1.5022

S3S2S1R1R2R3
1.51071.51451.51831.51921.52301.5268
[?]Trend Index[?]OB/OS Index
Slightly BearishNeutral
Data updated on Mar 12 at 19:58 (15-minute timeframe)

[ View GBP/USD Technical Studies ]This article taken by FxStreet.com

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