U.S. Recovery Woes Push Traders To Sell The Pound

Daily Forex Technicals | Written by Finotec Group | Aug 10 09 08:12 GMT |

The U.S. economy may be on the cusp of a recovery and the impact of the nation's stimulus plan should increase this quarter, said Laura Tyson, an adviser to President Barack Obama. 'We may have hit stability, we may be in the beginning of an upturn' based on the latest economic data, Tyson, a member of the White House's Economic Recovery Advisory Board, said yesterday during an interview in Kuala Lumpur. Nobel Prize- winning economist Paul Krugman said the deepest slump since the Great Depression may be ending. Trading Tactics Sell GBP/USD on sign of a clear downtrend. The buying point is at 1.6720; previous resistance is the take profit at 1.6800; Pivot point is the stop loss at 1.6620 The selling point is at 1.6625; Pivot point is the take profit at 1.6545; Fibonacci 61.8% is the stop loss at 1.6695 Technical: Sterling breaks previous support and continues its downtrend. A move back lower could set up a test of 1.6545 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.