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GBP/USD Intraday Technical Analysis

2012-10-19 13:39:07 (читать в оригинале)

 

 

The spot rate is currently testing the intermediate support of its medium-term bearish channel at 1.6020 suggesting a rebound. However, a break of these levels will reach the lower limit of its channel at 1.5920.
Technical indicators provide sell signals, but until the support is not broken the assumption of a rebound is most likely. Bollinger bands have stabilized showing a more regular volatility.
The spot rate is currently testing the intermediate support of its channel, we suggest 2 scenarios. The first one is the hypothesis of a rebound where we recommend a buy on the level of 1.6020 with the 1st objective at 1.6080 and then at 1.6100. A breakthrough of 1.6000 will invalidate this scenario. The second scenario is a break of its support where we advise a “sell stop” which means to sell the spot rate as soon as it is broken through its support of 1.6020 with the 1st objective at 1.5960 and then at 1.5940. A breakthrough of 1.6040 will invalidate this scenario.

The material has been provided by Instaforex Company - instaforex.com