Technical Cross Report

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Monday October 24 , 2011 10:44 GMT

Technical Cross Report

Great British Pound vs. Japanese Yen (GBP / JPY)

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Midday Report

The pair attempted  to breach the main resistance however it went to back to settle below the level as shown on image; accordingly, our morning scenario is activated and remains valid so long as 121.85 remains intact.

The trading range for the week may be among the 116.95 support and 123.35 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.

Weekly Report

Support	120.85	120.45	119.75	119.10	118.75
Resistance	121.85	122.60	123.35	124.00	124.65
Recommendation	Our Weekly expectations remain valid.

Euro vs. Japanese Yen (EUR / JPY)

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Midday Report

The pair provided a false breakout above the main resistance at 106.10 before reversing to trade below the level again, supported by negativity on Stochastic. The move activated our morning scenario which remains valid so long as the aforementioned level remains intact over daily closing basis.

The trading range for the week may be among the 102.60 support and 107.00 resistance.

The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.

Weekly Report

Support	105.60	104.95	104.25	104.00	103.15
Resistance	106.10	106.50	106.95	107.60	107.90
Recommendation	Our weekly scenario remains valid

Euro vs. Great British Pound (EUR / GBP)

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Midday Report

The pair attempted to breach the critical 0.8720 level, but trading returned back below the resistance of the descending correctional channel. Stochastic is providing positive signs supporting our positive expectations which requires steady trading above 0.8635.

The trading range for the week may be among the 0.8530 support and 0.9000 resistance.

The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact 

Weekly Report

Support	0.8685	0.8635	0.8590	0.8530	0.8500
Resistance	0.8720	0.8805	0.8845	0.8910	0.9000
Recommendation	Based on the charts and explanations above we recommend buying the pair with a breach above 0.8720 targeting 0.8910 and stop loss below 0.8635 may be appropriate.

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