🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

GBP/USD: Off Then On Again

Published 06/04/2012, 10:29 AM
Updated 05/14/2017, 06:45 AM
GBP/USD
-
GBP/USD:

 1.5371
Very Short-Term Trend: Weak downtrend

Outlook:The market declined to 1.5267 on Friday then bounced back strongly. Friday's low was just a few points above the 1.5260 key Fibonacci and chart level. Thus, once again this level has proved to be of great importance. Now, we are in a small corrective rally that is likely to extend a bit today toward 1.5490/1.5510. If such a rally develops, it will be considered a selling opportunity.
On the downside, below 1.5260 may bring a downside acceleration toward 1.5000.

Strategy: Shorts favored again at 1.5510 against 1.5560.


Legal disclaimer and risk disclosure: The services provided by Trend Recognition Ltd are intended for informational and educational purposes only.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.