7 January 2010
GBP/USD: technical analysis
After some prolongation of the lateral movement within the range of 1.6030-1.5940 the price has broken through the range’s support and resides at 1.5910/20. Nothing has changed in the indicators’ values; the preference for the descending movement is maintained. The accomplishment of the next stage of the scenario already mentioned in the previous analysis – the decrease to the support at 1.5860/50 has obviously started at the market alongside to the breakage through the level of 1.5940. If the “bears” manage to win through this obstacle as well the reason for expectation of decrease till 1.5810/00 and suggestions of the probable broaden of the descendant trend for the middle-termed prospect with its initial target – the exercise of the level at 1.5700 will become topical. The alternative “bulls” scenario can be contemplated at the breakage through the resistance at 1.6250/60.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst
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