Week 5 0f 2010 (Feb 01 – Feb 05)

Muhammad Zeeshan Ali from AMZ Capital at 02/01/10

GBPUSD is gradually moving towards it weekly target at 1.5800 and it seems that this week it will get there easily. We might see GBPUSD extending its dip to 1.5750 level and then GBPUSD might take some retracement towards 1.6000 level.

Before its dip, we might see GBPUSD going upwards to 1.6120 and if GBPUSD breaks that level, then we might see GBPUSD heading towards 1.6250 but most like it will resume its downwards trend from 1.6120 level.