This morning the British pound looked very bizarre in the American session, it moved without a clear direction. But also without the upward force shown in the previous days. The decline of British currency to 1.5640 could mean the beginning of medium-term downtrend. However, if you look at the chart, this pair is above the weekly pivot and below the 200-day EMA. It looks a bearish movement for the next few days will be observed, but since today relevant data will be revealed it is very likely to be volatile. Therefore, if the pair makes a pullback on the weekly R1 around 1.5799, you can sell only if the pair meets resistance, if you see this area fails you must wait until the next resistance to sell. We do not recommend buying at current levels because the Momentum Indicator is showing a bearish signal, which is most likely the decline of the pair.
If you need personal consultation, Skype: gerardofx or contact me via e-mail: gerardo.porras@analytics.instaforex.com
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via GBP/USD - Bearish outlook for June 19, 2013 (daily strategy) . Thanks for your support on GBP/USD - Bearish outlook for June 19, 2013 (daily strategy)
No comments:
Post a Comment