Monday, February 7, 2011

Pre-Release - Weekly FX Market Analysis

Hi all, 

Below are our Key Support & Key Resistant for next week.

Key Support: 1.59000 Minor Support: 1.6050
Key Resistant: 1.63000

If the price is around 25 pips below or above this key S&R, please proceed with a Bounce Strategy.

The sentiment for GBP/USD for next week will be bullish base on high probability of GBP interest rate hike. Probability been brought up earlier on 26 January 2011 in the Monetary Policy Committee (MPC) Meeting which 2 out of 9 members of this commitee cast a vote to increase interest rate. 

Data: Interest rate decision for GBP/USD will be on 10th February 2011.    

Technical Probability: As for now, we can see that the market approaching the 0% of Fibonacci Extension on 4 hr graph. There are also a minor support for GBP/USD which hold at 1.6050 base on October, November and January S&R. Any approach of buying at this point must be supported with a stop order. 

Pattern: Please be aware of incoming news and any technical setup in other pairs due to probability of early price corrections.

Happy Trading.

Warmest Regards, 

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