Gbp/Usd Technical View - July 10th
Cable started the week with what appeared to be a continuation of Friday's up move but it started to give back some points in today's Asian session, overall we are trading just above what used to be this year high at 2.0133, a level that has now turned into a support one.
If April 18th high at 2.0133 is not going to hold, the pair will more than likely slip lower towards the 2.0050 support zone and to the 2.0000 level, both important support areas that should keep cable above that constantly mentioned 2.0000 psychological level.
On the up side, if cable is to continue the uptrend we should see yesterday's high at 2.0170 being broken today with price making a push towards the current YTD high at 2.0205, once above that the road is clear and we'll have to asses the situation constantly to see where price could find any kind of resistance.
Resistance Levels
* 2.0200 – Round number
* 2.0133 – April 18th High
Support Levels
* 2.0060/70 – April 25th High
* 1.9840/70 – May 4th / December 1st 2006 High
* 1.9750/60 – retested level, May 11th low
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Analysis by Bogdan Parascanu of FX Instructor
