Here is the link to my choice for today. Enjoy!

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2009-11-02.html

Gbp/Usd is also forming a continuation figure a triangle in the 4 hours charts. Holding above strong 1.6520 area, indicators point for a downside correction, that should over come that zone to start. Next support lie at 1.6470 and 1.6440, while resistances from current price are located at 1.6550 and 1.6600.

Gbp continues pushing higher, close to yesterday’s high of 1.6453, also 23.6% of last Fibonacci rally. Above that level, pair likely approach to 1.6490 area ahead of key 1.6520. This level has been quite strong the past months, so pair should retreat from there. If broken pound will gain more upside momentum, and likely approach to the 1.6550/60 area. To the downside, first support comes at 1.6410, followed by 1.6350 area, and 1.6320. The pair has quite a messy congestion zone between 1.6280/1.6320, so we need to see it clearly under that levels, to call for a downtrend continuation.

Gbp has been quite positive since early opening, and continues to the upside, after October Retail sales volume increase in October to 8 from a previous reading of 3. Yet from a technical point of view, 4 hours charts show pair is being capped by 20 SMA still with a bearish slope, and Pound has no enough strength yet to break to the upside. indicators are quite bullish so, if the pair manages to break the mentioned MA, likely to accelerate to the upside with immediate resistances at 1.6450, 23.6% retracement of the last daily up leg, followed by strong 1.6520 level. Supports from current level come at 1.6410, 1.6365 and 1.6320 zone.

The slump in U.K. GDP has triggered a selloff in GBP that has just lost the 1.6400 level. Still bearish despite oversold, pair is targeting the 1.6340 strong support area, key level to watch: if the pair reaches that level without any previous correction, likely to rebound to the upside there. If we saw some pullbacks, from current zone, not quite clear right now, pair can consolidate between 1.6340/60 before a break lower: watch for volume during break that will confirm if the pair will be able to extend the downside rally. More volume at the break, could take the pair to 1.6290 area. Upside now limited by 1.6440/60 strong resistance level, target zone for corrective pullbacks. Under 1.6340 next supports come at 1.6300 area, and 1.6250. Resistances on the other hand come at 1.6410, mentioned 1.6440/60 area, and 1.6520 strong zone.

Regarding EUR/USD key point to watch to the downside, will be the 1.4440/50 zone; we have there, the 61.8% retracement of the last daily up leg, and a couple of daily maximums, roof of previous months range. Seems under that level, we will go to the downside. To the upside, 1.4660/80 is the zone to beat, to see the pair regaining bullish trend; above 1.4600 seems likely we are approaching to that zone. Retreat from that level, will mean no upside strength, and weekly close either above or under mentioned zones, could define trend for the days to come.

Regarding GBP, what to say? I can only see there bearish pressure; key level to watch to the downside is 1.5750/70, lots of daily and monthly, highs and lows. Confirmations under that level, could kick start a mayor fall in GBP/USD. To the upside, first resistance lie around 1.5920, but I can call for a trend chance only above the far far away zone of 1.6060, better 1.6110.

As always, wait one 15 minutes candle after payroll, to decide and entry, avoid first spikes, and keep an eye on U.S. stocks and gold.

Same perspective here, Gbp looks much more bearish than Euro, after that weekly reversal candle that failed to break above the 50% retracement of the monthly rally. This week opening under the 20 SMA, was a first warning of a fall coming, as we always talk in the Wrap Up Webinar, Gbp works great with that MA. Pair is now, under the 38.2% of the rally. Weekly close under that 1.6030 area, will suggest pair should resume downtrend. Indicators are strongly bearish also, so let’s see today’s close.

For today, you can see that 4 hours charts are a bit over extended, suggesting some upside corrections, that anyway and till now, had retreat from the Fibo zone (Tks Puru!). Consider resistances for next hours at that area, followed by 1.6060 and 1.6110 neck of the head and shoulders daily figure, broken yesterday. Supports today, lie at 1.5970 and 1.5920 zone. Clearly under that level, 1.5860 is next target ahead of stronger 1.5750.

GBP/USD remains capped under 1.6200 level, holding the bearish bias in 4 hours and daily time frames, although rally seems a bit over extended to the downside. Key level to watch is the 1.6100/10 area, September lows, also 200 EMA in the daily chart. Daily close under that level, will likely confirm the head and shoulders figure clear in daily chart, and trigger more bearish momentum in the pair ( the figure has a 900 pips height between neck and top of head). Anyway and for next hours, supports lie at 1.6135 today’s low, followed by the mentioned 1.6100 area, ahead of 1.6060 level. Resistances on the other hand lie at 1.6200, 1.6230 and then the 1.6280 zone.

Gbp/Usd is fighting with 1.6520 static level, helped by general dollar bearish sentiment. 4 hours charts look sligltly bullish with the 200 EMA capping the downside for now; a candle opening under that level, will confirm  further losses, while above 1.6550 pair could gain some upside momentum. 20 SMA with a bearish slope, should keep the upside limited. Above mentioned 1.6550, 1.6600 is next resistance level to consider. Supports lie at 1.6480 1.6440 and the 1.6400 zone.

Here is the link for the GBP news, and the charts. Enjoy!

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=ba317cf2-5105-458c-8758-722fc4d19f5e