FX.co ★ GBP/USD For June 14th, 2010.

In the daily timeframe this pair seems to try reaching the Fibonacci Resistance 38.2% again at 1.4718 levels which have already tested a few times (last Friday was one of them & failed again); however Friday Candle has allready form "Railroad Pattern" (Bearish Pattern) but the channelling is still an Upward; please take a look at this figure:

So In Intraday Timeframes we've gotted a 2 scenarios again for this pairs

1st is a DownTrend Scenario:

GBP/USD now allready test Fibonacci Resistance 38.2% at 1.4600, but if this pair can be penetrate those level seems they wants to reach a new Fibonacci Resistance target at 48.6% 1.4625 if GBP/USD cannot penetrate this 2 levels, seems Downtrend scenario is confirm, so please take cauitos for broken this level 1.4472; there is a possibility this pair want to reach 1.4374; if they have allready strong momentum this pair can be goes too 1.4217 levels But if this pair going upward movement to 1.4757 levels, the Downtrend movement can be We categorized to be failed. By The Way If GBP/USD Break those 2 Resistance levels it can be sign this pair will be weakening Downward Momentum.

2nd is Upward Movement :

If this pair allready pass the Friday high Candle (Daily TimeFrame) at 1.4757 levels, this pair have a change to reach the Daily Resistance Fibonacci 48.6% level at 1.4853.