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Weekly Market outlook and analysis By

PostPosted: Wed Mar 28, 2012 4:10 am
by kartik
Weekly technical outlook for gbp/usd as at 26th March 2012
Last week’s candle closed higher and the 8 and 21 period sma’s has now crossed positively. Furthermore, the break of the downward channel is still intact. However the bearish divergence in the stochastic is a potential warning of continued market negativity with this indicator firmly in an overbought area.
Possible range
The weekly range based upon the most recent Average True Range readings is 246 pips. This implies that GBPUSD could potentially trade between 1.5623 and 1.6115.
Long scenario
Long above 1.59915 this being the previous swing high.
Short scenario
Short beneath 1.56020 this being the previous swing low.