GBP/USD Approaching Strong Support

By: MIG Bank | Fri, May 11, 2012
Print Email

GBP/USD is showing early signs of basing on the approach to the old swing high at 1.6063 as the pullback from 1.6302 stalls.

While we could see further choppy activity over the short-term the overall tone remains positive and we look for 1.6063 to more or less contain current weakness prior to basing for an extension of the 1.5235 advance.

Re-capture of 1.6199 would suggest completion of the correction, setting the stage for an attack on 1.6302 then 1.6500/1.6618 (psychological/August reaction high) as the bull run extends.

Settlement back below 1.6063 from here would suggest stalling upside momentum, while loss of 1.5805 would threaten key support at 1.5603 (12th March low) in a much deeper retracement of the 1.5235 advance.

Daily Technical Report



MIG Bank

Author: MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex broker to obtain a Swiss banking license. Since its foundation in 2003, MIG BANK specializes in online Forex trading and remains a leading Forex broker for clients in more than 120 countries.

No information published constitutes an offer or recommendation, to buy or sell any investment instrument, to any transactions, or to conclude any legal act of any kind whatsoever.

The information published and is provided by MIG BANK for personal use and for purposes only and are to change without notice. MIG BANK makes no representations (either expressed or implied) that the information and opinions expressed are accurate, complete or up to date. In particular, nothing contained constitutes financial, legal, tax or other advice, nor should any investment or any other decisions be made solely based on the content. You should obtain advice from a qualified expert before making any investment decision.

All opinion is based upon sources that MIG BANK believes to be reliable but they have no guarantees that this is the case. Therefore, whilst every effort is made to ensure that the content is accurate and complete, MIG BANK makes no such claim.

Limitation of liability
MIG BANK disclaims, without limitation, all liability for any loss or damage of any kind, including any direct, indirect or consequential damages.

Material Interests
MIG BANK and/or its board of directors, executive management and employees may have or have had interests or positions on, relevant securities.

All material produced is copyright to MIG BANK and may not be copied, e-mailed, faxed or distributed without the express permission of MIG BANK

All Images, XHTML Renderings, and Source Code Copyright ©