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British Pound Conflicting Signals British Pound Conflicting Signals
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Old 05-07-2007, 09:40 AM
DailyFx's Avatar
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Default British Pound Conflicting Signals
GBPUSD - The break of 2 month trendline support is bearish but Cable could rally to test the line as resistance near the 2.000 figure before more bearish potential comes to the forefront.

Disconcerting to bulls is that the decline from the top (2.0131) is in just 3 waves, which is corrective. Still, daily MACD remains bearish (MACD below signal line) and the last two days have closed below the 20 day SMA. Wave structure and other technical indicators are conflicting so it may be wise to look for opportunities elsewhere.
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