GBP/USD
Today traders will eye British Services PMI. The pair has been trading in an uptrend from 1.6465 levels. In Asia's trading session the pair is trading at 1.6873 levels. As of now, the pair opened its trading day on a bullish note. The RSI in the daily chart indicating a limited upside availability, the pair can extend its bullish wave up to 1.7036. Sell on rise is the best strategy for this pair. It is in the distribution phase on a bullish note, anytime it encounters selling pressure. The Stochastics is giving a positive divergence aiming at 1.6946 and 1.6985 as initial targets. This is valid until the pair holds 1.6853 and trades above 1.6887, currently it is trading below the 1.6887 levels. If the pair breaks the 1.6853 and is unable to cross 1.6887, it will drift up to 1.682 and 1.68 levels are the initial targets.
On the higher side, safe buying will be only above 1.6887 levels. The panic situation will come into existance below 1.6826 levels. If it breaks 1.6826, it will fall all the way towards 1.68 and 1.6745 levels.
Recommendations-
1. Sell below 1.6826, for targets at 1.68, 1.6778, 1.6763 and 1.6745.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/USD for May 06, 2014 . Thanks for your support on Technical analysis of GBP/USD for May 06, 2014
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