fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: GBP/USD Daily Outlook Wed Feb 20, 2013 10:26 am | |
| GBP/USD Daily Outlook Daily Pivots: (S1) 1.5393; (P) 1.5448; (R1) 1.5482; More... Intraday bias in GBP/USD remains on the downside with 1.5549 minor resistance intact. Current fall from 1.6380 would extend to have a test on 1.5268 key support level. On the upside, above 1.5549 minor resistance will turn bias neutral and bring consolidations. But again, break of 1.5844 resistance is needed to signal short term bottoming. Otherwise, outlook will stay bearish. 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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