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GBPUSD’s upward movement had completed at 1.5922. Another fall would likely be seen later today. Support is at 1.5770, a breakdown below this level could signal resumption of the longer term downtrend from 1.5991, then further decline to test 1.5602 could be expected. On the other side, a break above 1.5922 will indicate that the pair remains in uptrend from 1.5602, then further rise towards 1.5991 previous high could be seen.



Forex Signals

[B]BIAS[/B]: Cautiously I feel this will extend gains

[B]Resistance[/B]:... 1.5887... 1.5908-22... 1.5940... 1.5958-84
[B]Support[/B]:......... 1.5850... 1.5825........ 1.5805... 1.5770

[B]MAIN ANALYSIS[/B]: Price rallied firmly to 1.5908 but also saw a slightly deeper than expected pullback to 1.5820. However, I cautiously feel that has broken the potential for deeper losses and more likely, while the 1.5850 area supports it would tend to suggest a break above 1.5887 for gains to extend through to the 1.5922 high for a shallow pullback and then extension to the 1.5970-84 area from where a correction lower should be seen. Also note potential resistance at 1.6009 & 1.6032.

[B]COUNTER ANALYSIS[/B]: ...

Attached Files

• The Brief Daily Forecaster.pdf (86.1 KB, 45 次查看)

[url="http://www.daytradingbias.com/?page_id=1093"]Weekly Outlook[/url] updated for the week of Mar 26 to 30.

You can view the latest charts and comments [url="http://www.daytradingbias.com/?page_id=1093"]here[/url].
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Oil prices continue to shift with an unclear trend as many oil traders wait on the sidelined to see how the Iranian tension with the West will break down and will there be a supply shortage of crude oil. Saudi Arabia officials announced in case of an oil shortage, Saudi could raise it oil production by as much as 25%. I wrote in a recent post why this promise even taken at face value won't help in case there will be an escalation in the relationship between Iran and the West. During last week, WTI edged down by 0.55% and Brent also slipped by 0.43%; as a result, the difference between Brent and WTI reached $19.39/b on Friday.

The complete oil prices weekly recap at Trading NRG