Commodity Prices

Gold •671 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,988.20	+12.90	+0.65%
WTI Crude •11 mins	100.41	-1.86	-1.82%
Gasoline •11 mins	3.599	-0.022	-0.60%
Ethanol •671 days	2.161	+0.000	+0.00%
Silver •671 days	30.82	+1.16	+3.92%

Silver • 671 days	30.82	+1.16	+3.92%
Copper • 671 days	4.530	+0.111	+2.51%
Brent Crude • 1 hour	109.87	-4.57	-3.99%
Natural Gas • 13 mins	2.768	-0.020	-0.72%
Heating Oil • 11 mins	4.038	+0.008	+0.20%

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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