GBPUSD Technical Update – 13th February 2013

From forex-fx-4x.com

The GBPUSD pair moved to a 6-month low around 1.5570 during early trading on Tuesday, on softer than expected UK CPI data, but subsequently pared back earlier losses to end the day near the open. Cable had likewise moved under the long term ascending trend line, before the move back to the daily opening level, potentially trapping shorts if the corrective move gathers momentum going forward (see fig 2 chart). The ADR for Tuesday came in at 121% of the average of 60 days, and an associated 100 pips. Price has closed the day as a daily timeframe pinbar/doji candle. This does however come in the context ... (full story)