DESCRIPTION:
The good news on UK Net Lending to Individuals m/m and M4 Money Supply m/m supported the pound. From the technical point of view, today all the three Moving Averages have already formed the Golden Cross pattern, which means that the Bullish Momentum from this currency in a healthy condition. It seems that today1.5814 and 1.5822 will be tested, but pay attention to the 1.5792 level: if this level is broken, there is a possibility of upside movement from this currency.
Recommendation:
Buy at 1.5801.
Take profit at 1.5815.
Stop loss at 1.5791.
Or
Sell stop pending order at 1.5791.
Take profit at 1.5786.
Stop loss at 1.5801.
Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
http://instaforex.com
Email: Arief.jakarta@indo.instaforex.com
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.