.png.aspx?width=287&height=279)
.png.aspx?width=273&height=277)
GBP/USD Technical Forecast 10.05hrs GMT June 3rd 2010(cont.) from previous forecast of May 31st 2010
As forecasted on May 31st the GBP/USD pair moved upwards after its previous consolidation.
Please examine the charts and determine the forthcoming developments.
On the chart of 30 min you observe the influence of 50 SMA and 200SMA on the move of the parity. If the 50SMA holds we will experience an upward move with first target at about 1,48 and higher, level which we should detect from the chart of 60 min.
The 60min chart includes the previously mentioned targets, between 1,50 and 1,52. Necessary condition, to break the descending channel (indicated with thin red lines) guiding the parity since May 12th.
From the daily chart we can observe the reaction from the level of 1,42 which cannot yet be considered as reverse of main trend. The descending channel marked in the daily chart starts August 2009. Please note that 50SMA is at 1,4980 and 200SMA at 1,5782
From the weekly chart we can evaluate the evolvement of this parity since October 2008. The level of 1,3477 coincides with the 4,25 Fib level (0 level at 2,1135 – 1,00 level at 1,9333) which usually indicates the exhaustion of a strong move. The reaction from the 4,25 Fib went to the 2,32 Fib on July 2009 to return on the 0.78 Fib retracement at 1,4243 level as indicated in the chart. The 0,78 Fib level usually indicates a reverse of trend. Will the reaction we observe since the mid of May 2010 develop to a trend reverse? We will see.
This material is provided for information purposes only and no information contained herein constitutes a solicitation for the purpose of purchase or sale of any commodity, security or investment, nor should it serve as the basis for any investment decision. Nothing in this site should be read or construed as constituting investment advice on the part of the Company, or any of its affiliates, directors, officers or employees.
AtlasCapital Financial Services Limited does not guarantee the accuracy or completeness of any information or analysis supplied and shall not be liable to any customer or third person for the accuracy of the information supplied through this service to a customer, nor for any delays, inaccuracies, errors, interruptions or omissions in the furnishing thereof, for any direct or consequential damages arising from or occasioned by said delays, inaccuracies, errors, interruptions or omissions, or for any discontinuance of the service.
Accessing this material in no way renders the user a customer of AtlasCapital Financial Services Limited, therefore AtlasCapital Financial Services Limited shall have no obligation whatsoever to any person accessing it. This material in no way takes into account special investment goals, the financial situation or specific requirements of individual users. You are strongly advised to obtain independent investment, financial, legal and tax advice before proceeding with any investment.
AtlasCapital Financial Services Limited website can be accessed worldwide, however, it may be the case that the financial instruments described are not legally permitted for all investor groups in all areas of the globe and that access to this website may be subject to legal restrictions. Users to whom such legal restrictions apply are not permitted to access this website and AtlasCapital Financial Services Limited accepts no responsibility for anyone accessing this site contrary to any relevant legal restrictions.
If you communicate with the company by email, you should note that the security of Internet email is uncertain. By sending sensitive and confidential messages which are not encrypted you accept the risks of such uncertainty and possible lack of confidentiality over the Internet.