Finotec News Archive - May 08 2008
Technical oscillators support the bullish trend for the currency pair
GBP/USD – Market strategy can be a buy at the level 1.9524 and a stop loss at the level 1.9510Joana Fonseca
08 May 2008
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GBP/USD – Market strategy can be a buy at the level 1.9524 and a stop loss at the level 1.9510
Technical oscillators support the bullish trend for the currency pair
To support our technical analysis we will use oscillators such as MACD (Moving Average Convergence Divergence); we see that the selling pressure is losing traction; also we notice the signal line is pointing to cross the long EMA line up, revealing an upward trend. There are two bottoms up leading to a buying trend, according to Bollinger. RSI (Relative Strength Index) line is under the oversold level, which may represent a buying signal.
Finotec Analysis Team
08 May 2008
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Today's Economic Events
Time  |
Event |
Currency
|
Period | Previous | Forecast |
Significance
|
Actual | |
|---|---|---|---|---|---|---|---|---|
| 14:00 | Wholesale Inventories m/m | USD | Mar | 1.1% | 0.5% |  | -0.1% |  |
| 12:30 | Unemployment Claims | USD | Weekly | 380K | 370K | | 365K | |
| 11:00 | BoE rate | GBP | May | 5.00% | 5.00% |  | 5.00% | |
Real Time Forex Quotes
| Contract | Bid | Ask | Time | Change |
|---|---|---|---|---|
| GBP/USD | 1.9675 | 1.9678 | 11:25:34 | -0.00% |