GBP/USD Weekly Technical Report 13-17/5/2013
ecPulse
2013-05-13 07:25AM UTC
The pair broke key support level of the ascending channel that is considered a correction for the descending channel starting at 1.6341 levels shown on graph. Linear Regression Indicators are negative indicating that the upside correction is over and a downside move might occur during this week. Due to oversold signals on Stochastic, volatility and upside corrections are likely. Trading below 1.5590 is negative this week, but the pair should stabilize below 1.5425 for this possibility to remain valid.
The trading range for this week is among key support at 1.4990 and key resistance at 1.5530.
The general trend over short term basis is to the downside as far as areas of 1.5610 remains intact targeting 1.4920.
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