Tuesday, May 19, 2009

British Pound charts

GBP has been getting pumped hard in the news the last couple days. I haven't taken an interest in the Pound in quite sometime, mainly because the currency just doesn't interest me these days.

but all the big banks are claiming to be bullish, at least that is what they are telling the journalists, so I thought it might be time to take a peek at the charts. might be a good shorting opportunity coming before long. aside from its previous oversold condition I just can't see much reason to like GBP.

GBP/USD has climbed to 1.55 this morning. I there are a couple resistance targets about here, but the major targets are in the 1.60 to 1.62 zone. support should be pretty strong around 1.46.