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UK Mortgage Approvals are expected to fall for the second consecutive month in June while Net Consumer Credit growth slows from the previous month over the same period.
UK Mortgage Approvals are expected to fall for the second consecutive month in June while Net Consumer Credit growth slows from the previous month over the same period. The figures will reinforce dovish comments from BOE policymakers delivered in testimony to the Parliament’s Treasury Committee, where governor Mervyn King downplayed the stronger-than-expected second quarter GDP result to stress lingering uncertainty about the recovery in general and inflation in particular, signaling monetary policy is firmly stuck in accommodative territory for the time being.
Trading Tactics
A clear uptrend could be an opportunity to Buy GBP/USD.
The buying point is at 1.5627; Pivot point highest level is the take profit at 1.5695;
Pivot point is the stop loss at 1.5590
The selling point is at 1.5570; Fibonacci 38.2% is the take profit at 1.5450;
Pivot point is the stop loss at 1.5650
Technical: Sterling forms a new high and may continue the minor uptrend. A move back higher could set up a test of 1.5695
To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice MACD crosses the signal line upwards; Momentum and RSI (Relative Strength Index) are in an uptrend; stochastic oscillator gives a neutral signal.
*Analysis is for information purposes only and does not constitute advice in any form. Past performance is not an indicator of future performance. Trading in financial products carries a high degree of risk to your capital and it is possible to lose more than your initial investment.
By Finotec’s professional analyst.
GBP/USD (Hourly Chart)
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Commentary of the GBP/USD parity :
The parity continues its bullish movement and is currently testing the breakout of the resistance at 1.56. If validated, a new buy signal will be given. We could then target the next resistance at 1.57. We maintain to trade only long positions as far as the lower band of the former bullish channel is support. In case of breakout, we will stay neutral. Only the breakout of 1.5466 will allow us to trade short positions.
See the previous analysis of the GBP/USD parity of July 28th, 2010
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- Forex Technical Analysis : 07/29/2010 -
(Timeframes: 30 minutes)
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XAU/USD (or)
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Commentary of the GBP/USD parity :
The parity made a pullback on 1.5466 and then, the breakout of 1.55 gave us a new buy signal. Currently, the parity is testing the next resistance at 1.56. The breakout of this level will give a new buy signal. We maintain to trade only long positions as far as 1.55 is support. In case of breakout, we will stay neutral. Only the breakout of 1.5466 will allow us to trade short positions.
See the previous analysis of the GBP/USD parity of July 27th, 2010
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- Forex Technical Analysis : 07/28/2010 -
(Timeframes: 30 minutes)
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- Forex Technical Analysis : 07/27/2010 -
(Timeframes: 30 minutes)
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AUD/USD
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EUR/USD
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XAU/USD (or)
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Commentary of the GBP/USD parity :
The parity continues its bullish movement and the breakout of 1.5466 gave us a new buy signal. We maintain to trade only long positions as far as 1.54 is support. The next resistance is at 1.55. The breakout of this level will give another buy signal. However, if 1.54 is broken, a sell signal will be given.
See the previous analysis of the GBP/USD parity of July 26th, 2010
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Commentary of the GBP/USD parity :
The parity continued its bullish movement and is currently testing the resistance at 1.5466. The breakout of this level will give a new buy signal. We maintain to trade only long positions as far as 1.54 is support. If this level is broken, a sell signal will be given.
See the previous analysis of the GBP/USD parity of July 23th, 2010
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The Pound remains trading higher, supported by improved market confidence, and moving at 3-month highs above 1.5470, with room for further appreciation, according to technical analyst at Commerzbank.
The Pound remains trading higher, supported by improved market confidence, and moving at 3-month highs above 1.5470, with room for further appreciation, according to technical analyst at Commerzbank. The Sterling is biased to the upside, trading on an uptrend channel from May lows, targeting 1.5525/60 area, says Jones: "Short to medium term, the market has recently severed its 1.5310 down channel.
Trading Tactics
A clear uptrend could be an opportunity to Buy GBP/USD.
The buying point is at 1.5467; Pivot point is the take profit at 1.5565;
Fibonacci 23.6% is the stop loss at 1.5400
The selling point is at 1.5380; Fibonacci 61.8% is the take profit at 1.5270;
Pivot point is the stop loss at 1.5495
Technical: Sterling breaks the previous resistance level and forms a new support on moving averages line. A move back higher could set up a test of 1.5410
To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice MACD crosses the signal line with a higher histogram; Momentum and RSI (Relative Strength Index) are in an uptrend; stochastic oscillator crosses %D line in oversold area.
*Analysis is for information purposes only and does not constitute advice in any form. Trading in financial products carries a high degree of risk to your capital and it is possible to lose more than your initial investment.
By Finotec’s professional analyst.
GBP/USD (Hourly Chart)
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- Forex Technical AnalysisFor : 07/26/2010 -
(Timeframes: 30 minutes)
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- Forex Technical Analysis : 07/23/2010 -
(Timeframes: 30 minutes)
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Commentary of the GBP/USD parity :
The parity got out of its range. The breakout of 1.52 gave us a sell signal. The parity seems now to move into a bearish channel (purple lines). We advise to trade only short positions as far as 1.53 is resistance. The breakout of 1.51 will give a new sell signal. However, if 1.53 is broken, a buy signal will be given.
See the previous analysis of the GBP/USD parity of July 21th, 2010
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- Forex Technical Analysis : 07/22/2010 -
(Timeframes: 30 minutes)
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AUD/USD
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XAU/USD (or)
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- Forex Technical Analysis : 07/21/2010 -
(Timeframes: 30 minutes)
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AUD/USD
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Commentary of the GBP/USD parity :
No moves on the parity which is currently testing the resistance at 1.53. We are neutral on the parity between 1.52 and 1.53. We will wait a breakout of one of these two bands to take position:
- Long if 1.53 is broken
- Short if 1.52 is broken.
See the previous analysis of the GBP/USD parity of July 20th, 2010
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Commentary of the GBP/USD parity :
The parity got out of its bullish channel but 1.52 acted as support. So, we are neutral on the parity between 1.52 and 1.53. We will wait a breakout of one of these two bands to take position:
- Long if 1.53 is broken
- Short if 1.52 is broken.
See the previous analysis of the GBP/USD parity of July 19th, 2010
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The British Pound pared the rally from earlier this week and slipped to a low of 1.5357 during the European trade as investors scaled back their appetite for risk, and the shift in market sentiment may drag the exchange lower
The British Pound pared the rally from earlier this week and slipped to a low of 1.5357 during the European trade as investors scaled back their appetite for risk, and the shift in market sentiment may drag the exchange lower going into the end of the week as investors maintain a cautious outlook for global growth. Former Bank of England board member David Blanchflower said policy makers should be cautious when withdrawing support from the economy as the recovery “is being driven by stimulus,” and went onto say that central bank around the global should wait for clear evidence of private sector growth before normalizing policy during an interview.
Trading Tactics
A clear uptrend could be an opportunity to Buy GBP/USD.
The buying point is at 1.5321; Pivot point is the take profit at 1.5410;
Fibonacci 38.2% is the stop loss at 1.5270
The selling point is at 1.5240; Fibonacci 61.8% is the take profit at 1.5150;
Pivot point is the stop loss at 1.5340
Technical: Sterling forms a new support level on the previous resistance and may continue the uptrend. A move back higher could set up a test of 1.5410
To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice MACD crosses the signal line upwards; Momentum and RSI (Relative Strength Index) are in an uptrend; stochastic oscillator crosses %D line upwards.
*Analysis is for information purposes only and does not constitute advice in any form. Past performance is not an indicator of future performance. Trading in financial products carries a high degree of risk to your capital and it is possible to lose more than your initial investment.
By Finotec’s professional analyst.
GBP/USD (Hourly Chart)
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Commentary of the GBP/USD parity :
The parity made a correction on 1.53 and also on the lower band of the bullish channel. A new lowest has been made and so, we advise to trade again long positions as far as the lower band is support. The breakout of 1.5466 will give a new buy signal. However, if the lower band os broken, we will be neutral. Only a breakout of 1.52 will allow us to trade short positions.
See the previous analysis of the GBP/USD parity of July 15th, 2010
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- Forex Technical Analysis : 07/19/2010 -
(Timeframes: 30 minutes)
USD/CAD
AUD/USD
NZD/USD
GBP/USD
EUR/USD
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