GBPUSD Sliding Up The Trend Line

17 Jul
2012
by in Uncategorized

 

The path has been nothing but direct today for the GBPUSD. The cross dumped and rallied on expectations for and against further QE.   In the beginning of Bernanke's testimony the cross shot lower to test the acceding trend line only to rebound after QE was given as a possible way to stimulate the economy.  Until the descending trend line is pierced the path of least resistance is higher. Trend line support now begins around 1.56.  Resistance is at the daily high at 1.5675.  A break of this level opens the door to a move towards 1.5720.  In early European trading Wednesday the GBP Minutes and Jobless Claims will be released.

Sup  1.56

Res  1.5675                   1.5720

 

 

 

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