fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: GBP/USD Daily Outlook Thu Nov 08, 2012 11:03 am | |
| GBP/USD Daily Outlook Daily Pivots: (S1) 1.5945; (P) 1.5993; (R1) 1.6033; More... Intraday bias in GBP/USD remains mildly on the downside for the moment. Corrective fall from 1.6309 is possibly still in progress and could extend to 1.5912. Break will target 50% retracement of 1.5268 to 1.6309 at 1.5789. Meanwhile, above 1.6042 will turn bias neutral first. Break of 1.6174 will argue that larger rally from 1.5268 is finally resuming. In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161, no change in this view. There are various interpretations on the pattern from 1.3503 but after all, as long as 1.5234 support holds, such consolidation would extend. On the upside, sustained break 1.6300 will likely bring further rise to 1.7043 and above to extend the consolidation pattern. | |
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