Weekly Forex Signals

13

0
Upward Trend on the short term for the GBP/USD
Tue, Oct 6 2009, 07:01 GMT
by Benny Menashe
Finotec Group Inc.
Fundamental
The pound remained pressured on expectations monetary policy would stay loose for some time with no change foreseen at a Bank of England policy meeting later this week. The purchasing managers' index for the services sector rose to 55.3 in September, beating forecasts for a reading of 54.5 and up from 54.1 the previous month. Separately, the BoE said it would give more banks access to its open market operations to help smaller institutions manage their liquidity better.
Technical
Technicals show us that by looking at the MACD on both the Primary and Secondary charts we can see considerable selling pressure on the Sterling, however this may revert in the next coming days.
GBP/USD (Minor Chart)
We can see an upward trend

GBP/USD (Secondary Chart)
We can see a downward trend

GBP/USD (Primary Chart)
We can see a downward trend

Resistance
$1.6035
$1.6127
Support
$1.5805
$1.5770
Published on
Tue, Oct 6 2009, 11:56 GMT
Archive
- Long-term objectives could see Euro rise against USD
Published On Mon, Nov 16 2009, 12:57 GMT
- Sterling regain due to little thrust on U.S. dollar
Published On Mon, Nov 9 2009, 10:08 GMT
- 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
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