TECHNICALLY, STERLING HAD A, STRONG DAY.

Hitting 1.6108 just a hour and half after the days session started (which was the support level for bullish volume) Sterling technically dominates the European session hitting a high of 1.6162 by 7:30 a.m. EST!
With the start of the U.S.D  Forex market which is, 8:00 a.m. EST. Sterling begin the session retracing from the high most of the day, but there were very strong scalping counter-trend trades available thought out the day, it's best to reduce your lot size when counter-trend trading.

Today's technical levels:

Support for a bullish Sterling is, 1.6137 (Sterling is currently at, 1.6137, time-10:10 p.m. EST.) the next level to break is, 1.6158 if Sterling finds support it should be bullish too level, 1.6170 and a strong Sterling hits a high of or around, 1.6190 and above for today's session.

If Sterling doesn't find support at 1.6137 it could bear down too, 1.6116 if that level doesn't find bullish support the next technical level is, 1.6104 if bearish volume continues Sterling could hit a level of, 1.6084 before bullish volume resumes.

Today session is full of fundamental events!!!! fundamental event sessions like today will or can effect technical forecast!!  Please review your Economic calendar for details, especially today's session!!  Today could be a good day just too fundamental trade or event trade, it's your decision!

 GBP....4:30 a.m. EST. two statues, High releases, five more releases at, 6:00 a.m. EST. statues, Low.

Today is, F.O.M.C. so that's a major fundamental event beware!, plus at 8:30 a.m. EST. out of the U.S.D. we have a statues, High release, "Durable Goods Orders". look for some strong volume.  The F.O.M.C. releases start at, 12:30 p.m. EST. and continue though out the mid-afternoon in the states, this fundamental events normally has strong market reactions!! so be careful of the number of lots or positions you have doing this time or this session....

Trade with the trend!, thank you for your time and have a great day.
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STERLING CONTINUES TO MAINTAIN POWER.

Sterling continues to maintain power today hitting a high of 1.6133 around 4:30 p.m EST. The low today was 1.6075 at 10:30 a.m. EST. so it was a strong late morning and afternoon session.  Our support for a bullish Sterling for the day was, 1.6098 and Sterling only but for a brief time maintain above that goal.  The support for a bullish Sterling for the week is, 1.6025 which currently Sterling is at, 1.6124 at 10:10 p.m. EST. In fact the only thing that drag Sterling slightly was the, dovish new from the Aussie, about cutting rates if the news was more on a Hawkish level this evening Sterling would be pushing 1.6200!

Technical levels for today:

Support for bullish trend is, 1.6108 currently Sterling is at, 1.6126, 10:15 p.m. EST. So Sterling is currently bullish, the next level to break is, 1.6130 if support is made the next key level to break is, 1.6144 and finally and very strong Sterling hits a high of, 1.6165 or higher for today's session.

If Sterling doesn't find support above 1.6108, the next level is, 1.6086, if Sterling continues to bear it may hit a level of 1.6072, before finding bullish volume.  However if this level is broken Sterling could hit a low of, 1.6051, before bullish volume returns.

Fundamentally we have three reports at, 4:30 a.m. EST. two with a status of, Medium and one with a status of, Low.  Check your Economic calendar for details....

Thank you for your time and have a great day.
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THE RETURN OF THE BULLISH TECHNICAL TREND FOR STERLING

Quick review!, last blog posted 11/08/2011 why? major Dollar bull through January 13, 2012. Sterling had retrace back to 1.5232 which is as close as we want to get to or below the 1.5000 level which is THE MAJOR SUPPORT LEVEL for our Global economy (please review past blogs for details).

Basically Sterling has been (one of) the most impressive currency so fair this year, since 01/13/2012 with a bid price of 1.5232 it has been on a major bull move since hitting a high of 1.6141 this Friday 04/20/2012 after the release of the fundamental trade,"Retail Sales".  That +909 pips in just under 100 days, excellent profit taking!

Sterling close Friday at 1.6118 after hitting a high of  1.6141 one of best bullish trend weeks I have taken part of in months, with a low of 1.5817 on 04/16/2012 sterling posted +324 pips at it high Friday. A excellent week for scalping, short-term & swing trading the Sterling bull.

Going into Sunday, 04/22/2012 thru Monday 04/23/2012:

Bullish support level is, 1.6098 if this level holds the next level to break for continued bull move is, 1.6138 the next level is 1.6163 and the final bullish support level is 1.6201

If Sterling doesn't found support at 1.6098 it may fall to 1.6058 if this level doesn't hold the next level is 1.6033 if sterling continues too drop it may hit a low of 1.5995 before finding bullish support.

Major technical outlook for the whole week:

Bullish support level is, 1.6025 (Sterling closed Friday at, 1.6118).  The next level too break for continue bullish move is, 1.6148 if this level holds the next level too break is 1.6226 and finally the highest level technically for the week is 1.6343.

If Sterling doesn't find support at 1.6025 it may bear to 1.5902 if this level doesn't hold the next level of support is, 1.5824 if Sterling continues to bear it could hit a low of 1.5707, before regaining bullish volume.

Basically with the performance of Sterling this year so fair and with the Global economy recovering, also the parallel effect of the Olympics being held in London this year, shorting Sterling is highly not recommended, unless you choose to in short-term fundamental trades.

Please review your economic calendar for fundamental events that may effort technical analysis.

Trade with the trend!!, Beware of drag!,(staying in loosing trades and destroying your risk/reward ratios)

Thank you for your time and have a great day.
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