Technical analysis GBP/USD 25 February 2013

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Technical analysisIn the process of correction the pair could rise only to 1.5320/00 and met strong resistance, triggering further downgrade. The price hit a new low of 1.5050 mentioned in the previous comment, and is now at 1.5140/50. The indicators continue to show weakening signals and further decrease, which can be regarded as a formation of divergences warning of a possible next stop, i.e. a high probability of a new correction. Strong support in the area, where the pair mowed down could hamper further bearish trend. However, the medium-term perspective considers the downward trend that leaves targets at levels 1.4830/20 and 1.4600/10.

GBP/USD - 25.02.13

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