fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: GBP/USD Daily Outlook  Tue Feb 05, 2013 11:06 am | |
| GBP/USD Daily Outlook Daily Pivots: (S1) 1.5708; (P) 1.5740; (R1) 1.5793; More... As long as 1/5877 resistance holds, fall from 1.6380 is still expected to continue. Break of 1.5673 will target a test on 1.5268 key support level. On the upside, break of 1.5877 is needed to signal short term bottoming. Otherwise, outlook will stay bearish in case of recovery. 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, the important point is that it isn't finished yet. Focus is now turned back to 1.5268 support and break will be a important sign of down trend resumption. But before that, range trading could extend further.  | |
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