Great British Pound (GBP) Technical Major Currencies (2012-02-09)

Yesterday's caught negative divergence appeared on the four-hour interval has sent the pair sharply downwards while the daily candlestick formation was very negative as seen on the secondary image. But, we still need more confirmation to suggestadditional downside actions over intraday basis and only a break below 1.5730 will assist us. Anyway, our captured Elliott count is still valid but the rebound from yesterday's low at 1.5790 forces us to continue staying aside. A breakout above 1.5975 will negate the count.

The trading range for today is among key support at 1.5585 and key resistance at 1.6075.

The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.

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