empty
 
 
21.03.2012 12:29 PM
GBP/USD Bearish Outlook for March 21, 2012 (Daily Strategy)

This image is no longer relevant

 

 

The GBP/USD pair is trading in downward trend at the American session, having reached the maximum of 1.5918 due to the released news, the total volume of mortgage loans in the United Kingdom amounted to 10.7 million pounds in February against 10.65 billion pounds in January. The data demonstrate stability in the construction market, which is favourable for the economy in the short term.
At the technical level we can note that sterling still has an upward force, so it may be a pull-back to the weekly R_1. That level will be a good entry point to sell. A daily close above 1.5935, will change the outlook and will continue rising to 1.6160 medium term.
The Momentum indicator remains in the positive zone, on the other hand, the oscillator range is showing overbought and is giving sell-signals.

 

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2026
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback