GBP/USD Trading Forecast

23 August 2010 @ 02:08 am EDT

 

GBP/USD closed lower on Friday as it extends this month's decline. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral to bearish signalling that additional weakness is possible near-term. If it extends this month's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would temper the near-term bearish outlook.  

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