6 January 2010
GBP/USD: technical analysis
The market events’ reverse has confirmed the presuppositions of the previous analysis, the breakage through the support at 1.6070-1.6030 has allowed the “bears” to the exercise the support at 1.5940; thereupon the trades have rolled back to the already resistance at 1.6030 and are carried next to the rate of 1.6010/15. The indicators’ values maintain the preference of the descending movement – R% fell down into the oversold zone, SS reversed downward, MACD decreased below zero into the negative sector. The price will obviously turn back to the decrease and the growth observed at the moment is a retracement. The support exercise at 1.5860/50 having also been mentioned before still stays the topical event; however, the support’s endurance at 1.5940 suggests taking into account the probability of the lateral movement continuation within the interval 1.6030-1.5940. The terms for the start of the “bulls” scenario’s development are still the same – the breakage through the resistance at 1.6250/60.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst
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