Saturday, July 31, 2010

Weekly Forecast

GBP/USD

It has been a very bullish week and month for GBP/USD.
It closed at 1.5683 on 30 July (Friday), High 1.5718.

My view on this pair is to look for short at 1.5700 region next week.
Zoom into 30 Minutes chart we can see many antenna and pincers...
Shows that it is currently resisted at 1.5720.
First target 1.5450 region.

However, if it break above 1.5770, next target will be 1.6050.

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