Forex Signals

Technical view: still sideways, for the 1st time in a long while, We saw a week where the “Bulls” were in control, A new high was reached, Yet the channel (1.3080-1.2423) wasn’t breached. This week the Bulls will try again, By getting support at the 1.2570 in order to breach the channel upwards in order to create a mini trend upwards and testing the next lines of resistance (1.3300, 1.3800). on the flipside (The bear), will try to take advantage of the momentum created by the primal sessions of this weeks’ trading In order to establish new lows and get closer to the ultimate 1.1812 line.

 
Sterling saw steady gains against the greenback as it followed the markets in the wake of Citi’s rescue and the Fed’s latest attempts to stimulate lending. Monday also saw the UK government unveil their latest stimulus package, which will give a 20 billion pound ($29.8 billion) fiscal boost over the next three years. Many critics said that the plan was badly designed, would not work and would burden the UK with massive debt for years to come. However, sterling shouldered off the naysayers and rose to test 1.55 on Tuesday and Thursday, found support at 1.5350 and closed the week a tad above 1.54.