GBP/USD Intraday Technical Analysis 2012-07-09

GBP/USD Intraday Technical Analysis 2012-07-09

The spot rate broke the intermediate support of its medium term bearish channel at 1.5500 leading to an acceleration. A pull back on these levels is expected before reach the lower limit of its channel to 1.5360.

Technical indicators do not provide clear signals but approaching oversell zone supporting the assumption of a pull back. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.

According to previous events the market will provide a bearish opportunity at the level of 1.5500 with the 1st objective at 1.5440 and then at 1.5420. A break through 1.5520 will alter this scenario.




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