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07 March GBP Analysis

Premium Market Reports by FXTechStrategy

07 March GBP Analysis
Friday, March 7th, 2008 @ 3:58 am by Johan Kriek

From a technical viewpoint, the GBP is continuing to develop new highs and therefore defining a new bullish trend. By holding rates steady but still emphasizing their hawkish undertone, the BoE decision sent the Cable through the 2-figure level like a hot knife through butter.

Price should find support at the 2.0000 level which will act as a psychological support and resistance at 2.0500 as this resembles the violated Support Line of the previous Bullish Major Trend (which now acts as resistance)

Keep and eye on the Payroll figure later to be released later in the US session as the US Unemployment rate is expected to climb back from 4.9% to 5.0%

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