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Forexpros Daily Analysis - 21/07/2011

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Forexpros Daily Analysis - 21/07/2011

Post by ForexAnalysis on Thu Jul 21, 2011 1:47 pm

ForexPros Daily Analysis July 21, 2011


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Higher-lows pattern in GBP/USD

GBP/USD

The pound resumed strengthening against the USD, and made a “higher-lows” pattern (blue lines). The MPC meeting minutes was publish yesterday, and showed no change in the vote about the interest rate. Today is publishing the private sector net borrowing, which expected to be lower than the previous data, so the GBP might get a negative momentum. The British retails sales are publish today as well.

On the technical aspect, the pound made a positive pattern that increases the chances for more risings. The 200 SMA supports the GBP at 1.604-1.605. The nearest resistance is at 1.62, and strong break-up there can launch the pound to 1.64.

GBP/JPY

The Japanese currency is about to break the “bear-flag” pattern in the daily chart of the USD/JPY, but the strengthening of the pound makes the GBP/JPY to stamp. The triangle pattern, which I analyzed on Tuesday, still appears, but the direction will be determined according to the way those currencies trade against the USD. A break-up of 128 can take the pound to 130, whereas a break-down of the lower edge of the triangle at 126.5, can slide to 125.

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Forex Trading analysis written by Bastian Rubben for Forexpros.

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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.


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