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GBP/USD on Weak Downtrend

By Sara Patterson
Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.

By: Sara Patterson

Very Short-Term Trend: weak downtrend

GBP/USD Analysis, July 13, 2011

Outlook: GBP found support at the 1.5781 level and staged a recovery of recent steep losses. This recovery has brought prices to 1.5945 and the market is now overbought on 60-min chart. These are conditions that usually pave the way for a resumption of the previous downtrend. A decline below 1.5900 will be a sign that the bears have taken control again.
On the upside, firm and sustained trading abvoe 1.5960 negates, risks recovery toward 1.6050.

Strategy: Holding short from 1.5940 is favorable.
Stop= 1.5985
Target= 1.5700

Sara Patterson
Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.

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