Weekly Forex Signals

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U.S. dollar looking to bounce against sluggish Sterling
Mon, Jan 12 2009, 11:56 GMT
by Benny Menashe
Finotec Group Inc.
| Buy a break of resistance level at 1.5155 | Sell a break of support level at 1.4990 |
| Buy a break of resistance level at 1.5190 | Sell a break of support level at 1.4905 |
| Buy a bounce at 1.4990 | Sell a failure of breaking the resistance 1.5155 |
Fundamental
UK PM Brown said he would announce plans this week to help people who have been unemployed for more than 6 months. Said the government was determined to prevent short-term unemployment leading to long-term unemployment with all its consequences. Guardian newspaper reported that the government was planning to give companies up to GBP 2,500 for new recruits who have been unemployed for more than 6 months. Work and Pensions Secretary James Purnell said government would spend an extra GBP 500 million to fund the initiative.
Technical
The U.K. currency rebound for a short period of time. Technically the market show us a failure swing pattern which is a clear reversal signal and confirming with couple of indicators like RSI, which is in a bearish direction, MACD crosses the signal line and is pointing downwards, and Bollinger gives us a selling signal by closing the candle below the upper band.
GBP/USD (Daily Chart)
The primary tendency is in a clear downtrend.

GBP/USD (4 Hour Chart)
The pair breaks the channel lower line.

GBP/USD (Hourly Chart)
The Minor trend shows us a reversal signal.

Resistance
1.5155
1.5190
Support
1.4990
1.4905
Published on
Mon, Jan 12 2009, 12:01 GMT
Archive
- Momentum holds U.S. dollar while sterling looks to recover
Published On Mon, Feb 8 2010, 10:55 GMT
- Euro long-term objectives could see it go further down against US dollar
Published On Mon, Feb 1 2010, 09:51 GMT
- JPY takes full advantage of worn-out USD
Published On Mon, Jan 25 2010, 11:56 GMT
- Euro in trouble as USD looking to recover
Published On Mon, Jan 18 2010, 12:01 GMT
- Euro continue to bounce against sluggish U.S. Dollar
Published On Tue, Jan 12 2010, 08:35 GMT
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Finotec
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http://www.finotec.com/ | support@finotec.com
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