GBP/USD Update (4/3/09)

Time: 6.30am (GMT +8)

It looks like the pair has made a breakout from the range in since last 2 weeks. Looking at the chart, we can see that the broken support has been tested as a resistance and failed to break it and it is convincing that we will not see the previous range into play in the coming days.

GBP/USD 4H Chart

As in my opinion, the pressure is currently to the downside with the first target will be the recent low since the breakout. Fail to test the low will just see the pair flirting with the resistance line and could mange to spike through it.

My pick will be more support gain for the pair at least at 1.3944 with further down to 1.3851.