Technical Cross Report

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Thursday October 6 , 2011 10:43 GMT

Technical Cross Report

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

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Midday Report

 

The pair retested and settled below the awaited level at 118.85. Therefore, our morning scenario is activated and a breach below 118.10 shall support our scenario.

The expected trading range for the day is among the key support at 116.25 and the key resistance at 119.40.

The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.

Morning Report

Weekly Report

Support	118.00	117.35	116.90	116.25	115.40
Resistance	118.85	119.40	120.40	120.80	121.30
Recommendation	Our morning expectations remain valid.

Euro vs. Japanese Yen (EUR / JPY)

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Midday Report

The 50% Fibonacci is forming a good resistance against the pair's upside attempts, supported by negativity on Stochastic, thus supporting our morning expectations which requires steady trading below 102.80.

The expected trading range for the day is among the key support at 99.40 and the key resistance at 102.80.

The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.  

Morning Report

Weekly Report

Support	101.70	100.90	100.00	99.40	98.50
Resistance	102.30	102.80	103.30	103.90	104.40
Recommendation	Our morning expectations remain valid.

Euro vs. Great British Pound (EUR / GBP)

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Midday Report

The 0.8670 retest level we mentioned this morning proved its strength and halted the pair's upside attempts, as trading reverses to the downside and now testing the main support at 0.8615; therefore, we are still waiting for more clear confirmations around the aforementioned sensitive levels.

The expected trading range for the day is among the key support at 0.8445 and the key resistance at 0.8725.

The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370

Morning Report

Weekly Report

Support	0.8615	0.8530	0.8500	0.8445	0.8400
Resistance	0.8670	0.8725	0.8765	0.8845	0.8885
Recommendation	Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.

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