Weekly Forex Signals

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GBP takes full advantage of worn−out U.S. dollar
Mon, Jun 1 2009, 09:35 GMT
by Benny Menashe
Finotec Group Inc.
| Buy a break of resistance level at 1.6500 | Sell a break of support level at 1.6300 |
| Buy a break of resistance level at 1.6685 | Sell a break of support level at 1.6200 |
| Buy a bounce at 1.6300 | Sell a failure of breaking the resistance 1.6500 |
Fundamental
U.K. house prices stopped falling in May for the first time in 20 months, adding to evidence the property market slump is abating, a survey of real-estate agents by Hometrack Ltd. showed. Average prices in England and Wales held at 155,600 pounds ($251,000) after they declined 0.3 percent in April, the London- based property researcher said in an e-mailed statement today. On the year, values dropped 9.6 percent.
Technical
The U.K. currency gives us a strong buy signal after forming a higher high. Technically the market is in a clear uptrend as we can see strong demand in the market, based on technical indicators like RSI, which is in a bullish direction; MACD crosses the signal line and breaks equilibrium level. Bollinger gives us a buying signal by closing the candle above the middle band.
GBP/USD (Daily Chart)
The primary tendency is in a clear uptrend.

GBP/USD (4 Hour Chart)
The pair breaks standard error channel middle line.

GBP/USD (Hourly Chart)
The Minor trend shows us a clear double bottom.

Resistance
1.6500
1.6685
Support
1.6300
1.6200
Published on
Mon, Jun 1 2009, 10:31 GMT
Archive
- USD looking fragile against ineffective Yen
Published On Mon, Nov 2 2009, 09:26 GMT
- Uptrend on long term looks certain for Euro
Published On Mon, Oct 26 2009, 10:45 GMT
- Euro takes full advantage of worn-out dollar
Published On Mon, Oct 19 2009, 10:52 GMT
- Downtrend on short term looks certain for Euro
Published On Mon, Oct 12 2009, 09:15 GMT
- Upward Trend on the short term for the GBP/USD
Published On Tue, Oct 6 2009, 07:01 GMT
[ View All ]
Finotec
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http://www.finotec.com/ | support@finotec.com
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FINOTEC Trading’s Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.
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