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
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Published On Mon, Nov 23 2009, 11:27 GMT
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Published On Mon, Nov 16 2009, 12:57 GMT
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Published On Mon, Nov 9 2009, 10:08 GMT
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Published On Mon, Oct 26 2009, 10:45 GMT
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Finotec
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http://www.finotec.com/ | support@finotec.com
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