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Browse > Home / Trading in the Market / GBPUSD – Bulls or bears?

GBPUSD – Bulls or bears?

March 31, 2010 by  
Filed under Trading in the Market

1 Comment

The GBP continued its rise against the dollar on Tuesday held up by good GDP data. The Cable moved to a high of 1.5117 from 1.4974 and finally settled on 1.5066 by the close of the day. We expect to see the bullish trend continuing for Wednesday with a first resistance at 1.5117. If the pair break above this line the bullish movement should continue towards a mark of 1.5209 with the closest support being Tuesdays low of 1.4974. If GBP makes this support level the bears may come into play and could weaken the currency to 1.4894. There is no economic news to be relied upon on Wednesday and the EMA’s are showing slightly bullish signals supported by positive MACD and RSI indications.

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Comments

One Response to “GBPUSD – Bulls or bears?”
  1. Croatia says:
    September 29, 2010 at 5:19 am

    This is the 2nd occasion I have come across your blog post in the last couple weeks. Seems like I ought to take note of it.

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