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GBP/USD Analysis - May 25, 2011 |
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Wednesday, 25 May 2011 05:51 |
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Forex GBP/USD Intraday Analysis - May 25, 2011: Testing the 1.6213 Level, Alert Corrections
Yesterday: Open 1.6121 High 1.6211 Low 1.6060 Close 1.6183
Sterling yesterday was bearish until the daily lowest level in the Asian session trading at 1.6060 in progress. Next rebound past the first resistance level is at 1.6198. He had ever happened 4 times in testing 1.6198 resistance level.
Currently, Sterling currency looks bearish.
The focus of economic data today for Sterling are:
1. GBP Revised GDP q/q
2. GBP BBA Mortgage Approvals
3. Prelim GBP Business Investment q/q
4. GBP Index of Services 3m/3m
When prices rise continuously then opened up opportunities to the level of 1.6256 and 1.6213.
We recommend that if the decline continues and the trend line diagonally across the open opportunities to the level of 1.6089 and 1.6031.
Prices shown on the graph H1 line MA05 and MA10 in bullish conditions.
While the Stochastic Indicator is indicating a bullish opportunities are limited.
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