Commodity Prices

Gold •15 mins	2,308.60	-1.00	-0.04%
Platinum •15 mins	965.30	+2.70	+0.28%
WTI Crude •20 hours	78.11	-0.84	-1.06%
Gasoline •20 hours	2.555	-0.041	-1.59%
Ethanol •18 hours	2.161	+0.000	+0.00%
Silver •15 mins	26.69	-0.14	-0.52%

Silver • 15 mins	26.69	-0.14	-0.52%
Copper • 15 mins	4.557	+0.073	+1.62%
Brent Crude • 19 hours	82.96	-0.71	-0.85%
Natural Gas • 20 hours	2.142	+0.107	+5.26%
Heating Oil • 20 hours	2.443	+0.000	+0.01%

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GBP/USD - Approaches Daily Channel Resistance Near 1.5800

By - Jan 31, 2012, 5:39 AM CST

GBP/USD continues to move higher within the confines of a rising channel formation in the hourly timeframe. Channel resistance currently lies near 1.5850, in the neighbourhood of the 200 day moving average.

Also, when viewed from a daily perspective, we see that there is scope for a degree of supply to manifest close to the resistance of a larger daily falling channel. This resistance currently lies near 1.5800.

Similarly the 200 day moving average, currently at 1.5962, is expected to act as a cap to trade should the region close to this average be met.

An eventual return to long-term trend-line support from 1.3503 cannot be ruled out. However, should this move take place and be associated with a fall under the neckline of the head and shoulders formation, we would not expect to see a great deal of momentum follow through.

Daily Technical Report