GBP/USD Analysis:
Chancellor Darling will speaks today. But whether his words will have any impact for the pound to continue its down trend or reverse, the subject is not clear.
The pound broke daily EMA200. It will continue to journey down. It has already broken support at 1.60 and is now testing 1.58.
Looking at the CCI(34), the pound is looking for a reversal, but this morning a took a nose dive, bringing that reversal looking a bit distance. 1.578 will be a support followed by 1.535.
It is not a moment to reverse, but if so, wait for CCI(34) to clear through BB. Resistance is at 1.600 and beyond that 1.6104.
Trend: It can continue its way down, but it could also reverse. CCI has been over sold but has not showed sign of reversal.
Therefore play at support and resistance line or wait for clearer indication.
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