Daily GBP-USD prediction may 25 2012

forex trading outlook today - Daily GBP-USD prediction may 25 2012 : Cable is back around Asian session highs last at 1.5670 after opening in the region with a slide to session lows at 1.5648, held by its intraday ascending trendline from yesterday's lows. The pair is actually dealing with previous Wednesday's lows which followed much worse than expected UK retail sales figures. The pair has lost for the current week a -0.87% from above 1.5800.

The hourly chart shows price below 20 SMA and indicators around their midlines, in neutral territory, while in the 4 hours chart the outlook is still bearish for the pair. A break below 1.5640 mentioned support, will likely see a quick spike towards the 1.5600 level first while below this last, the downward acceleration may extend near 1.5550 before stalling,

Support levels are placed at: 1.5640 1.5600 and 1.5550,
while resistance levels are at: 1.5705 1.5730 and 1.5770.

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