Commodity Prices

Gold •666 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,991.30	-3.30	-0.17%
WTI Crude •11 mins	105.44	+0.37	+0.35%
Gasoline •6 hours	3.772	+0.030	+0.81%
Ethanol •666 days	2.161	+0.000	+0.00%
Silver •666 days	30.82	+1.16	+3.92%

Silver • 666 days	30.82	+1.16	+3.92%
Copper • 666 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	111.33	+0.93	+0.84%
Natural Gas • 13 mins	2.770	+0.003	+0.11%
Heating Oil • 6 hours	4.138	-0.060	-1.44%

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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