Technical analysis GBP/USD 8 February 2013

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The assumptions of the last comment that short-term growth rates observed in the correction may last above still applies. Price remained to consolidate the achieved highs yesterday and now it is at 1.5750/40. This situation greatly increases the likelihood of recovery of trades mentioned earlier 1.5800/10 level and even higher to 1.5830/40. Turn up on the indicators R% MACD adds some confidence in this scenario. However, even if this occurs, the medium-term expectations will still be on the side of a trend decline, whose objectives previously identified on the 1.5550/40 levels and further to 1.5500/10. Signal a reversal in the upward trend remains the same – the breakdown of  the 1.6000 level.

GBP/USD - 08.02.13

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