FX.co ★ GBP/USD technical analysis for February 13, 2013

DESCRIPTION:

All the three Moving Averages are still in the Death Cross formation pattern, however today the price opened above the Exponential Moving Average Periods (14) and (34), but still bellow the Exponential Moving Average period (100). All this indicates that the GBP/USD is still in a bearish mode, but the momentum is slowing down.

Recommendation:

Sell stop (pending order) at 1.5645.

Take profit 1 at 1.5637.

Take profit 2 at 1.5625 (optional).

Stop loss at 1.5658.

Alternative:

Buy stop (pending order) at 1.5687.

Take profit 1 at 1.5701.

Take profit 2 at 1.5724 (optional).

Stop loss at 1.5665.

Best regards,

Arief Makmur

Official Analyst of InstaForex Companies Group

InstaForex Companies Group

https://instaforex.com

Email : Arief.jakarta@indo.instaforex.com

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