Weekly Forex Signals

Sterling hits 13-years low on UK rate cut view.

Fundamental

Leaders of the world's biggest developed and emerging nations put banks and investors on notice they will need to hold more capital and reveal more about their holdings, signaling the industry may emerge from the current crisis with less potential for profit.

President George W. Bush and his counterparts from the Group of 20 blamed a looming global recession on imprudent investors who “sought higher yields without an adequate appreciation of the risks.” Supervisors who failed to address the dangers building in markets were also at fault, the group said in its statement after meeting Nov. 15 in Washington.

Technical

Sterling still in a downtrend as we can see strong supply in the market, based on technical indicators like RSI, which is in a downtrend and giving us a clear bearish signal, MACD crosses the signal line and is pointing downwards. Bollinger gives us a selling signal by closing the candle below the middle band.

Trends

Primary Tendency (Daily Chart): The primary tendency moving between the standard error channel.

Secondary Tendency (Four Hour Chart): The pair breaks Fibonacci fan first level.

Minor Tendency (Hourly Chart): The Minor trend shows us a clear downtrend.

Resistance

1.4990
1.5075

Support

1.4650
1.4560

Technical Indicators

MACD crosses the signal line and is pointing downwards.

Crossing of two moving averages and closing price of the candle is below the short term moving averages.

RSI (Relative Strength Index) in a clear downtrend.

Bollinger gives us a bearish signal after closing the candle below the middle band

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