At the summit of G20 finance ministers in South Korea the participants agreed to do their best to avoid artificial currency devaluation. On the eve of the G20 summit the US Department of the Treasury made a similar announcement. Timothy Geithner said the US wasn’t going to devalue its currency in favor of the exporters. According to him, there is no country in the world that has succeeded in economic recovery through devaluation.
In the meantime, GBPUSD has started this trading week with getting over the defensive bearish MF Pivot and Sloping Channel.
Experts from the Department of studying Masterforex-V trading system report that the upward wave which is currently being formed has already completed the entire bearish wave D1 from 1.6105. It needs its own “moment of truth” for choosing the direction of its further movement through retracing for wave B and getting over the high or through continuing the downtrend in the form of “the Hound by elder/MF”.
Oct 25th 2010. Today’s key news (GMT):
08:30 GBR - BBA Loans for House Purchase
12:30 USA - Fed Chairman Bernanke Speaks
14:00 USA - Existing home sales
Support/Resistance levels:
1.5930 - 61.8%
1.5877 - 50% + MF pivot + sell limits
1.5828 - 200% + 38.2%
1.5796 - 161.8% + sell limits
1.5777 - 138.2% + 323.6%
1.5760 – the current price
1.5662 - MF pivot + buy limits
1.5650 – FZR + buy limits
1.5594 - 111.8% + buy limits
1.5540 - 123.6%
Text: Sergey Panchuk, an expert of the Department of studying Masterforex-V trading system
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