GBP/USD Weekly Technical Report 20-24/5/2013
ecPulse
2013-05-20 06:58AM UTC
The pair managed last week to confirm breaking 50% correction at 1.5220 which might extend bearishness towards testing 61.8% correction at 1.5125, as breaking it might extend the downside move towards 78.6% correction at 1.4995 levels. The possibility of negativity is valid and Linear Regression Indicators support this outlook; there are no positive signals shown on Stochastic despite the oversold signals.
The trading range for this week is among key support at 1.4995 and key resistance at 1.5385.
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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