Commodity Prices

Gold •302 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	967.10	-2.30	-0.24%
WTI Crude •1 hour	59.24	+1.03	+1.77%
Gasoline •1 hour	2.049	+0.032	+1.56%
Ethanol •302 days	2.161	+0.000	+0.00%
Silver •302 days	30.82	+1.16	+3.92%

Silver • 302 days	30.82	+1.16	+3.92%
Copper • 302 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	61.90	+0.84	+1.38%
Natural Gas • 1 hour	3.479	+0.153	+4.60%
Heating Oil • 1 hour	2.012	+0.010	+0.51%

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GBP/JPY: Double Bottom Triggered

By - Aug 02, 2013, 6:04 AM CDT

GBP/JPY has triggered the double bottom formation that we noted yesterday. Although short-term overbought conditions are in place, we anticipate a higher low versus 148.26, for a fresh swing higher back towards the 152.00 region.

Failure to hold above the 148.30 zone will warn of a return to the 200 day moving average, currently at 144.31.

In the longer-term, we favour a further rise towards the strong resistance at 163.09 (07/08/2009) as long as the key support area between 146.46 (16/04/2013 low) and 145.88 (15/03/2013 high) holds. We do not expect a break of this resistance in the coming months though.

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