Hang Seng Index dropped 1.35% yesterday, reaching as low as 23,230 and closed at 23315. On daily chart, the level of around 23,250 successfully supported HSI, giving power to it for a little bounce yesterday. However, on weekly chart, it appears that the index did break the support line. This is not a good signal, but still, there are 2 trading days left. Be aware guys.
Let's see GBP today as I found it good to trade.
Above is the daily chart of GBP/USD. The Pound retreated somehow 2 days ago, most likely because of death of Bin Laden which resulted in strengthening of USD.
Reaching the green up-trend line, GBP managed to bounce, keeping itself within the trading range (green and red lines).
MACD is touching its EMA, we would have to wait two more days to confirm whether they cross or not. If so, there would be a bearish cross indicating weaker GBP.
For the upside, the resistance will be at 1.678 given by the red up-trend line.
GBP would probably break the pennant in next few days, and as continuation is suggested by pennant, I would anticipate a continue in rise of sterling. Should be a good time to long GBP.
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