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GBP/USD Intraday Technical Analysis

2012-11-02 12:52:03 (читать в оригинале)

 

 

The spot rate is currently testing the lower limit of its medium-term bullish channel at 1.6090 suggesting a rebound. However, a break of these levels will free a large potential and initiate a violent bearish channel.
Technical indicators do not provide clear signals, but until the support is not broken the assumption of a rebound is most likely. Bollinger bands have greatly tightened in the recent days showing a decline in volatility and the imminence of a violent movement.
The spot rate is currently testing the lower limit 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 1.6090 with the 1st objective at 1.6150 and then at 1.6170. A breakthrough of 1.6070 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 1.6090 with the 1st objective at 1.6030 and then at 1.6010. A breakthrough of 1.6110 will invalidate this scenario.

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