GBP in a rise trend

02-02-2012

GBP/USD

Yesterday Pound broke its first resistance line of 1.578, and stopped rising only at the next resistance of 1.588. Today, it seems to be trading between those limits, and the first resistance should be considered as a support level. However, as long as the trend line remains intact the long term trend is upward.

Resistance & Support (daily)

S3	S2	S1	Pivot Point	R1	R2	R3
1.574	1.577	1.58	1.5825	1.585	1.588	1.593

GBP/AUD

According the last review regarding the AUD, this current pair is about to test an important support level. In case the Aussie will fall down as aforesaid, and Pound will remain upward, we can guess that 1.4750 support level will not break at this time. The most likely is an up movement from this point.

Resistance & Support (daily)

S3	S2	S1	Pivot Point	R1	R2	R3
1.47	1.4725	1.475	1.4775	1.48	1.483	1.488

OIL

Crude Oil formed on the chart a descending triangle with a negative trend line on top, and support line of $97 below. It seems that Oil is about to break out its support. In such case, the next support levels will be $95, $92.

Resistance & Support (daily)

S3	S2	S1	Pivot Point	R1	R2	R3
96	96.5	96.9	97.5	98	98.6	99.3

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