Weekly Forex Signals
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Weak pound puts dollar in great shape
Mon, Mar 31 2008, 09:13 GMT
by Benny Menashe
| Long signal | Short signal | |
| Buy a break of resistance level at 1.9930 | Sell a break of support level at 1.9760 | |
| GBP/USD | Buy a break of resistance level at 1.9980 | Sell a break of support level at 1.9720 |
| Buy a bounce at 1.9760 | Sell a failure of breaking the resistance 1.9930 |
Fundamental
The U.K. economy grew slower than expected as GDP increased 2.8%, for the three months ending in December, falling short of the 2.9% expected. Manufacturing was flat, and financial services slowed to 0.6% from 1.3%. Recession fears are mounting as credit turmoil and a declining housing market has begun to weigh on consumer confidence. Speculation is gaining that the BoE will cut rates at their upcoming policy meeting, despite inflation potentially rising above their 3% threshold.
Technical
The Sterling may continue the downtrend against the US dollar; according to technical charts the market is in a bearish direction with confirmation of many indicators like RSI, which is in a downtrend, MACD breaks the signal line, Bollinger gives us a bearish signal by closing the candle below the middle band.
GBP/USD (Daily Chart)
The primary tendency bounced on 1.9365
GBP/USD (4 Hour Chart)
The medium term reached 2.0385
GBP/USD (Hourly Chart)
The Minor trend shows us clear downtrend.
Resistance
1.9930
1.9980
Support
1.9760
1.9720
Published on Mon, Mar 31 2008, 09:18 GMT
Archive
- Momentum holds U.S. dollar while sterling looks to recover
Published On Mon, Jun 29 2009, 10:46 GMT - USD takes full advantage of worn-out Euro
Published On Mon, Jun 22 2009, 10:46 GMT - U.S. dollar takes full advantage of worn-out Euro
Published On Mon, Jun 15 2009, 08:00 GMT - U.S. dollar takes full advantage of worn-out Yen
Published On Tue, Jun 9 2009, 10:32 GMT - GBP takes full advantage of worn-out U.S. dollar
Published On Mon, Jun 1 2009, 09:35 GMT
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