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Old 22nd February 2012, 20:30
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Default GBP/USD Intraday Technical analysis 2012-02-22

The spot rate is currently testing the intermediate support of its medium term bearish channel in 1.5760 suggesting a rebound. However a break of these levels would entail a decline to the lower limit of this one to 1.6530.

Technical indicators do not provide clears signals but until that the support is not broken the assumption of a rebound is most likely. Bollinger bands are much discarded to a result of the strong increase of these days. Stabilization is expected in the short term.

According to previous events, the market indicates a bullish opportunity on the levels of 1.5760 with a 1st objective of 1.5820, then 1.5850. A break in 1.5740 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group 2007-2012
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