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FOREX: Technical analysis 10/17/12

17.10.2012

Market Review

GBP / USD

News background:

Pair gets a boost with the news from Europe, and if the current statistics from the UK won't be disappointed, and the minutes of the meeting of the Bank of England will confirm the immutability of the present course, it can support the pound and contribute to its local capacity to the level of a local maximum of 1.6215 if 1.6150 level will be overcome.

Technical picture:

From a technical point of view, the price is at the upper border of the Bollinger Bands, MA 5 and above MA 21 and MA 100 and 200. Price went up almost to the line resistance short-term downtrend. Overcoming the 1.6150 level and fixing it up on the statistics from the UK, can lead to local growth pair, despite the overbought Stoch. This indicator RSI still leaves the possibility of extending the short-term growth of the pair.

Trading recommendations. Buy a pair after its attachment above 1.6150 to 1.6215 with a local.

Technical analyst at Forex Bulygina Marina.

Analytical department of Grand Capital

Author: admin

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