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31.05.2012 03:15 PM
GBP/USD Is Time To Buy For May 31/2012 (Daily Strategy)

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The British pound recovers from the fall that led to lows in January (1.5462). On Thursday durin the American session it was traded slightly higher. Noteworthy that the volume of retail trade in the United Kingdom grows, sales amounted to 21% versus 6% in the previous month which increases the possibility of recovery of the British currency.


On the daily chart we can see that the British pound is around the second weekly pivot: we do not recommend buy deals at current levels, only if the pair closes above 1.5497, above the W_S2. With objectives to the 200 day moving average around 1.5800. At 1.5820 is the weekly fractal and is very likely that in this area the pair will find strong resistance as we can see on the chart.

The Momentum indicator is starting to show bullish signals.

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