fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: GBP/USD Daily Outlook Fri Nov 23, 2012 11:05 am | |
| GBP/USD Daily Outlook Daily Pivots: (S1) 1.5913; (P) 1.5946; (R1) 1.5972; More... Intraday bias in GBP/USD remains on the upside for the moment. As noted before, fall from 1.6174 might be finished at 1.5827 already. Further rally would be seen to test this resistance. Break will confirm completion of whole correction from 1.6309 and should target a retest on this high. On the downside, below 1.5882 minor support will turn bias back to the downside and would extend the fall from 1.6309 to 50% retracement of 1.5268 to 1.6309 at 1.5789. 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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