Commodity Prices

Gold •851 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,455.00	+19.00	+1.32%
WTI Crude •11 mins	97.33	-6.79	-6.52%
Gasoline •11 mins	2.946	-0.211	-6.68%
Ethanol •851 days	2.161	+0.000	+0.00%
Silver •851 days	30.82	+1.16	+3.92%

Silver • 851 days	30.82	+1.16	+3.92%
Copper • 851 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	105.96	-7.47	-6.59%
Natural Gas • 11 mins	2.913	+0.015	+0.52%
Heating Oil • 11 mins	4.468	-0.209	-4.46%

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GBP/USD: The Declining Channel is Under Pressure

By - Jun 12, 2014, 5:15 AM CDT

GBP/USD bounced yesterday. Prices are challenging once again the resistance implied by the declining channel (around 1.6817). Other hourly resistances stand at 1.6845 and 1.6882. An hourly support now lies at 1.6738. Another support can be found at 1.6693.

In the longer term, despite the break of the long-term rising channel, the lack of significant bearish reversal pattern suggests a limited downside risk. As a result, a medium-term bullish bias remains favoured as long as the support at 1.6661 (15/04/2014 low) holds. A major resistance stands at 1.7043 (05/08/2009 high).

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