fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: GBP/USD Daily Outlook Wed Feb 13, 2013 8:32 am | |
| GBP/USD Daily Outlook Daily Pivots: (S1) 1.5597; (P) 1.5634; (R1) 1.5695; More... As long as 1.5844 resistance holds, fall from1.6380 is still in progress and should target a test on 1.5268 key support level. Though, break of 1.5844 will indicate short term bottoming and should bring stronger rebound back to 55 days EMA (now at 1.5909) and possible above. 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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