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Old 23rd February 2012, 18:06
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Default GBP/USD Intraday Technical analysis 2012-02-23

The spot rate is currently testing the lower limit of its medium term bearish channel in 1.5600 suggesting a rebound. However a break of these levels would free a large potential and entail a bearish channel more violent.

Technical indicators provide buyers signals supporting the assumption of a rebound in the short term. Bollinger bands are much discarded to a result of the strong decline of these days. Stabilization is expected in the short term.

According to previous events, the market indicates a bullish opportunity on the levels of 1.5600 with a 1st objective of 1.5650, then 1.5680. A break in 1.5580 would invalidate this scenario.

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