FOREX NEWS. According to youtradefx.com (the 4th place of the 3rd league of ’s rating of Forex brokers) GBPUSD has lost 200pts over a relatively short period of time, which makes it possible to buy the Pound at a favorable price. Indeed, the decline is probably not over against the background of negative news and sentiments. The company’s analysts say they are going to place a stop-loss at $1,6440, which is a strong level of support.
A breakout of $1,6570, a critical level of resistance, will be a strong sign indicating a possible further rally up to $1,6710.
According to the analysts from the GTMT Department, , the current market situation looks as follows:
Movement layouts. Daily-H1-M15. GBP/USD. May 5th 2011.
1. Upward scenario (CP1…)
Support level: 1.6481 is critical for this variant of movement. A breakout of it cancels the scenario.
Resistance levels:
Volatility indicator “Saks Channel”: 1.6543 - 1.6634 - 1.6734.
Local high: 1.6746. BUY target grid of the basic indicator: 1.6647 - 1.6693 - 1.6767.
2. Flat scenario (Flat-zone):
Support level: 1.6746.
Resistance level: 1.6431.
This time the scenario is canceled…
3. Downward scenario (CP1…)
Resistance level: 1.6542 is critical for this variant of movement. A breakout of it cancels the scenario.
Support levels:
Volatility indicator “Saks Channel”: 1.6433 - 1.6333.
Local low: 1.6431. ( Daily). SELL target grid of the basic indicator: 1.6431
The analytics and wave layouts are provided by the Department of GTMT, .
