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Wednesday May 19, 2010 - 09:18:34 GMT
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Lower stop level: Resumption of medium-term downtrendRate: 1.4292Resistance levels: 1.4372 / 1.4476 / 1.4520 / 1.4640 / 1.4720 Support levels: 1.4180 / 1.4111 / 1.4000 / 1.3893 / 1.3655
The sterling fell sharply alongside the euro yesterday and penetrated Monday's low at 1.4252 briefly (cross trading flows gave some support to the pound against the euro), giving the gbp/usd a bearish outlook in the near term and there is potential for recent decline to extend to a measured objective at 1.4180 and possibly towards 1.4111, however, the exhaustive fall is likely to be contained above the psychological level at 1.4000 due to oversold condition.Our short position has been filled at 1.4370 with stop is now moved to break-even to prevent a loss. On the upside, only a sustained move above 1.4476 would call for a possible low formation and risk correction to yesterday's high at 1.4520.Join Us and Strategize Your FX Trading!
- Breach of 1.4252 opens the way for further losses
- Psychological barrier at 1.4000 may hold on first testing
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