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Thursday, May 10, 2012

GBP/USD Intraday Technical Analysis 2012-05-10



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The spot rate is approaching the upper limit of its medium term bearish channel at 1.6180 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide buy-signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement
According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.6180 with the 1st objective at 1.6240 and then at 1.6260. A break through 1.6160 will invalidate this scenario.
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