Commodity Prices

Gold •141 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	970.70	+0.20	+0.02%
WTI Crude •10 mins	70.42	+0.32	+0.46%
Gasoline •10 mins	2.050	-0.010	-0.47%
Ethanol •141 days	2.161	+0.000	+0.00%
Silver •141 days	30.82	+1.16	+3.92%

Silver • 141 days	30.82	+1.16	+3.92%
Copper • 141 days	4.530	+0.111	+2.51%
Brent Crude • 10 mins	74.41	+0.18	+0.24%
Natural Gas • 10 mins	3.136	-0.203	-6.08%
Heating Oil • 10 mins	2.263	-0.012	-0.51%

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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