GBP/USD intraday: the downside prevails.
On 1/28/2013, FOREX GBP= closed above the lower band by 5.1%.
Bollinger Bands are 51.16% wider than normal. The large width of the bands suggest high volatility as compared to FOREX GBP=’s normal range. Therefore, the probability of volatility decreasing and prices entering (or remaining in) a trading range has increased for the near-term.
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Our preference: SHORT positions @ 1.578 with targets @ 1.574 & 1.5715.
Alternative scenario: The upside breakout of 1.579 will open the way to 1.582 & 1.585.
Comment: the pair remains capped by a declining trend line and is chalenging its previous low, the RSI is badly directed but stands above its oversold area.
Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
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Heffernan Capital Management
Business Development Director – Private Client Group,
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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