Welcome to the FXReturn.com London Forex Market Call for July 5th.,2011. GBP/USD: Pierces last weeks high of 1.6117, but closes near the lows of the session. Consecutive closes above the May 23rd. pivot low of 1.6057 will keep the bullish temperment of the market intact with 1.6260 as the next upside objective. A close, however, below 1.6057 will encourage a wave of selling down to 1.5871. The Timing Oscillator is in positive territory and momentum is building to the long side suggesting further appreciation in the GBP/USD | GOLD: Closes near the highs of an inside trading session, but below the 50 day average which resides at $1509.0. Consecutive closes below the 50 day average will keep the bearish posture of the market intact with $1462.2 as the next downside objective. A close, however, above the $1509.0 level will spark a rally into overhead resistance at $1558.1. Stochastics are in oversold territory suggesting a near term bottom may be on the horizon | DailyFX Forum visitors can sign up for our FREE Live Interactive Webinars and Live Trading Room at FXReturn.com as well as review our latest TON: Trade On News Plans for the upcoming week. Please click the following link to view our daily research: LondonMarketCallCreated with Camtasia Studio 5
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