Commodity Prices

Gold •624 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	2,007.90	+64.20	+3.30%
WTI Crude •11 mins	93.62	-1.93	-2.02%
Gasoline •29 mins	3.110	-0.018	-0.56%
Ethanol •624 days	2.161	+0.000	+0.00%
Silver •624 days	30.82	+1.16	+3.92%

Silver • 624 days	30.82	+1.16	+3.92%
Copper • 624 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	106.99	-1.66	-1.53%
Natural Gas • 11 mins	3.128	-0.038	-1.20%
Heating Oil • 32 mins	4.280	-0.062	-1.43%

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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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