Commodity Prices

Gold •739 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,613.00	-16.00	-0.98%
WTI Crude •11 mins	73.68	+2.27	+3.18%
Gasoline •11 mins	3.039	+0.054	+1.81%
Ethanol •739 days	2.161	+0.000	+0.00%
Silver •739 days	30.82	+1.16	+3.92%

Silver • 739 days	30.82	+1.16	+3.92%
Copper • 739 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	78.41	+2.40	+3.16%
Natural Gas • 12 mins	2.921	-0.019	-0.65%
Heating Oil • 11 mins	3.649	+0.096	+2.69%

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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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