namrata.yadav Posted June 9, 2011 Report Share Posted June 9, 2011 GBP/USD: technical analysis Previous forecasts, anticipating further bullish development should have been correct. The price recommenced its growth after a decline and is currently making another attempt to breach 1.6450/60 resistance line, where trading is now being carried out. Indicators have slightly changed their readings and now seem to be more in favor of growth, but they are still rather neutral, which makes the situation rather unclear. If the price breaches and holds above 1.6450/60 level, it will indicate the 'bullish' victory and suggest further growth to 1.6680/90 level. Support 1.6320 breakout, on the other hand, will change market sentiment to "bearish" and we'll be expecting trades to fall down to 1.6230/40 and then to 1.6100/10 level. Today's BoE interest rate decision gives reasons to be cautious, since it may push the trades either way. Forex| รฅยคโรฅลยฏ Analysis by: Joaquin Monfort Forex4you analyst Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Quote Link to comment Share on other sites More sharing options...
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