End Of Correction Could See Sterling Bounce Back

The pound fell against the dollar and the yen after Moody's Investors Service said the nation's finances are 'deteriorating rapidly' and the government is taking risks with public finances. Bullish action is back, with that said the pair is potential for further upside attack, resistance now is 1.4745, and break above here will threaten 1.4960.

Trading Tactics

Buy GBP/USD on sign of a bounce on pivot point.

The buying point is at 1.4632; Pivot point is the take profit at 1.4800;

Fibonacci 23.6% is the stop loss at 1.4525

The selling point is at 1.4485; previous support is the take profit at 1.4400;

Fibonacci 38.2% is the stop loss at 1.4606

Technical: Sterling bounce back on pivot point level and continues its uptrend. A move back higher could set up a test of 1.4800

The following analysis is for information only; Finotec is not responsible for any decisions or misinterpretations based on the given text.

Finotec Group Inc.
http://www.finotec.com/

Disclaimer: FINOTEC Tradings Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.