DESCRIPTION:
Last week after weak results of US Unemployment Rate, some currency rates such as EUR/USD, etc boosted. BUT it was not for GBP/USD. From the technical point of view, this currency has broken its psychological support 1.5800 and all the three Moving Averages are give the "Death Cross" pattern formation. In the three days this currency has to move to south at least to the 1.5575 level; otherwise the bearish momentum will be hold if the 1.5575 level cannot be touched at least temporary.
Recomendation:
SELL at 1.5689.
Take profit is at 1.5675.
Stop loss is at 1.5699.
Alternative:
BUY stop pending order at 1.5713.
Take profit 1 is at 1.5720.
Take profit 2 is at 1.5733.
Stop loss is at 1.5702.
Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
http://instaforex.com
E-mail: Arief.jakarta@indo.instaforex.com
Disclaimer:
Trading 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.