Commodity Prices

Gold •421 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,352.00	-9.70	-0.71%
WTI Crude •11 mins	64.32	-0.28	-0.43%
Gasoline •12 hours	2.199	+0.050	+2.34%
Ethanol •421 days	2.161	+0.000	+0.00%
Silver •421 days	30.82	+1.16	+3.92%

Silver • 421 days	30.82	+1.16	+3.92%
Copper • 421 days	4.530	+0.111	+2.51%
Brent Crude • 13 mins	68.14	-0.48	-0.70%
Natural Gas • 11 mins	2.963	+0.019	+0.65%
Heating Oil • 1 hour	2.281	-0.029	-1.24%

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GBP/USD Trapped Bears Getting Squeezed

By - Apr 06, 2012, 7:41 AM CDT

GBP/USD accelerated higher after the failure to sustain the downside break of the 1.5645 support level, trapped bears fuelling a powerful short squeeze.

The velocity of the move/re-capture of 1.5834 suggests that an important reaction low has formed at 1.5603, setting the stage for a revival of the 1.5235 advance through 1.5993 for the 1.6167 reaction high initially.

Settlement back under 1.5700 from here would neutralise, while loss of 1.5603 would be negative risking a return towards 1.5500 initially in a deeper retracement of the 1.5235 advance.

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