fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: GBP/USD Daily Outlook Mon Nov 19, 2012 10:48 am | |
| GBP/USD Daily Outlook Daily Pivots: (S1) 1.5889; (P) 1.5902; (R1) 1.5924; More... Intraday bias in GBP/USD remains neutral for some consolidations above 1.5827 temporary low. But as long as 1.5957 minor resistance holds, further decline is still in favor. Below 1.5827 will extend the correction from 1.6309 to 50% retracement of 1.5268 to 1.6309 at 1.5789. Meanwhile, break of 1.5957 will be the first sign of reversal and turn focus back to 1.6174 resistance instead. 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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