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04.07.2012 05:04 PM
GBP/USD Around weekly Pivot Point - For July 04, 2012 (Daily Strategy)

 

The pound is trading in the narrow range of 1.5720 and 1.5630, due to speculation that the central banks (BoE, the ECB) are expected to take measures to stimulate the global recovery.
Situation with Spanish bonds will have a great affect on the market.
The pound is likely to oscillate between these levels. In case of breakdown of the weekly pivot below 1.5630, we can enter selling to 1.5553 support. Moreover, if there is a rebound in the weekly pivot, we can buy above 1.5640 with targets up to 1.5710.
The MACD indicator is in neutral zone.

 

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