Commodity Prices

Gold •234 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	987.70	-9.50	-0.95%
WTI Crude •1 day	70.40	-2.08	-2.87%
Gasoline •1 day	2.027	-0.060	-2.87%
Ethanol •234 days	2.161	+0.000	+0.00%
Silver •234 days	30.82	+1.16	+3.92%

Silver • 234 days	30.82	+1.16	+3.92%
Copper • 234 days	4.530	+0.111	+2.51%
Brent Crude • 1 day	74.43	-2.05	-2.68%
Natural Gas • 1 day	4.234	+0.082	+1.97%
Heating Oil • 1 day	2.432	-0.071	-2.84%

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GBP/USD Heading Towards 1.5603 Support

By - May 25, 2012, 6:05 AM CDT

GBP/USD has extended the decline from 1.6302 to settle below the 1.5805 support level, aborting a basing attempt.

While we could see a corrective rebound over the next few sessions to unwind an oversold state the structure remains negative while under 1.6063, with the risk seen for a crack at key support at 1.5603 (12th March low) then psychological 1.5500 in a much deeper retracement of the 1.5235 advance.

We would need to see the re-capture of 1.6063 to suggest that an important reaction low has formed, with scope then for an attack on 1.6302 then 1.6500/1.6618 (psychological/August reaction high) as the 1.5235 bull run extends.

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