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MIG Bank

MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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GBP/USD - Moving Sharply Lower

GBP/USD is declining sharply invalidating the recent short-term uptrend and suggesting a deeper corrective phase. Next support can now be found at 1.5026. Hourly resistances stand at 1.5219 (05/11/2015 high).

The long-term technical pattern is negative and favours a further decline towards the key support at 1.5089 , as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200 day moving average). However, the general oversold conditions and the recent pick-up in buying interest pave the way for a rebound.

Daily Technical Report

 

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