Technical analysis GBP/USD 6 February 2013


The assumptions of the dominant view of the downtrend are confirmed. Price resumed decline, broke down the 1.5670/60 support and now it is consolidating at 1.5650/30 marks. Indicators resumed testimony about strengthening of the “bearish” sentiment, adding arguments to remain in anticipation of further price fall. If consolidating at current levels takes place, in the near future, the scenario including a reduction in the level of 1.5500/10 will be realized. However, on the way there is a serious obstacle, which can provide a long-term trend line (blue line), which dates back to May 2010, so there is reason to fear stops at 1.5550/40. Signal of reversal in the upward trend remains the same – the breakdown of the 1.6000level, but the rise of trading above 1.5900 can claim about serious change of the mood.

GBPUSD - 06.02.13


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