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Technicals

GBP/USD - British Pound Dollar, European Session - 15/05/08

15 May, 2008 @ 02:04 am EST
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1,9462. There is an horizontal range between 1,9400 and 1,9485. Support and resistance are given by Bollinger bands. GBP USD moves without trend and swings around exponential moving averages (EMA 50 and 100). Bollinger bands are flat. ForexTrend 4H (Mataf Trend Indicator) is in a bearish configuration. The price should continue to move in Bollinger bands. We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
1,9470 - 1,9500
Supports
1,9435 - 1,9385

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