FX.co ★ GBP/USD Continuing Upward Trend, December 15, 2010 (Daily Strategy)

GBP/USD

Having risen to the last 1.5900 high, the British pound – United States dollar pair is now in the midst of a technical correction for the rises of the beginning of the month. The technical image on the pair reveals the key points where probability for an end to the corrective movement is highest.

The 1.5685 and 1.5635 support levels will serve as buy triggers in case the negative momentum is preserved. The goal is, of course, to time a relatively low-level buy deal entry, based on the estimate that the upwards trend will resume itself and complete an upwards movement until our final goal at the meaningful resistance level of 1.5980 or 1.6000, United States Dollars for one British pound.