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GBP/USD Potential Scalping Target Ahead of Quarterly Inflation Report

GBP/USD Potential Scalping Target Ahead of Quarterly Inflation Report

2010-05-11 14:22:00
John Rivera, Currency Analyst
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 Key Technical Levels

0511scalp1

The March 1st low of 1.4785 has been established as a solid support level in spite of recent volatility. Although the pair has fallen below the level it has failed to close below increasing its validity. The barrier may limit downside risks and also provides a solid target level. Recent price action has seen a declining trend line develop which is also providing potential points to enter and exit trades.

0511scalp2

Quantitative Metrics

The GBP/USD has seen its ATR spike to 191 pips as the pair has been influenced by the debt issues in the Euro-Zone and the resulting volatility. An extended bearish rally has led to the Bollinger band width widening to 918 pips which is amongst the highest of the moist traded pairs. Recent trends raise red flags for targeting the pair and with the lingering concerns more volatility could be ahead.

0511scalp3

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