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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.


Long signalShort signal
Buy a break of resistance level at 1.6500Sell a break of support level at 1.6300
GBP/USDBuy a break of resistance level at 1.6685Sell a break of support level at 1.6200
Buy a bounce at 1.6300Sell 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.

Weekly Forex Signal

GBP/USD (4 Hour Chart)

The pair breaks standard error channel middle line.

Weekly Forex Signal

GBP/USD (Hourly Chart)

The Minor trend shows us a clear double bottom.

Weekly Forex Signal

Resistance
1.6500
1.6685

Support
1.6300
1.6200


Archive

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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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