Integrity FX Technical Outlook 2-15-10

Selected Excerpt:

GBPUSD has consolidated into an ascending triangle on the thirty minute chart. Look for a break of the resistance trendline to occur somewhere around 1.5700. After the break, look for a short move to 1.5735. If the market has momentum, it might pass throught this level, but if the triangle is broken during a slow period, some light consolidation and then a break might occur at this level. After GBPUSD moves through 1.5735, look for a sharp move to 1.5790. At this point, the market might rally and bounce off the resistance. Expect some consolidation, then a break of 1.5790 up to 1.5855.

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