fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: GBP/USD Daily Outlook Tue Nov 19, 2013 9:06 am | |
| GBP/USD Daily Outlook Daily Pivots: (S1) 1.6077; (P) 1.6113; (R1) 1.6144; More... With 1.5988 minor support intact, further rally is still expected in GBP/USD. Current development suggests that consolidation from 1.6259 is completed at 1.5853 already. Further rise should be seen to above 1.6259 and above to extend the larger rally. But after all, we'd continue to expect strong resistance from 1.6380 to bring reversal eventually. On the downside, below 1.5988 minor support will turn bias back to the downside for 1.5853 support instead. In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161. Current development suggests that it's still in progress. It's possible that rise from 1.4813 is the fifth leg of a triangle pattern and in that case, we should see strong resistance below 1.6380 to limit upside and bring down trend resumption finally. Meanwhile, break of 1.6380 will indicate that rise from 1.4813 is the third leg of the consolidation pattern and should target 1.7043 instead. | |
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