fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: GBP/USD Daily Outlook  Fri Apr 05, 2013 10:06 am | |
| GBP/USD Daily Outlook Daily Pivots: (S1) 1.5094; (P) 1.5169; (R1) 1.5306; More... The strong rebound from 1.5032 argues that rebound from 1.4830 isn't finished yet. Intraday bias, though, remains neutral first. Above 1.5259 will bring stronger rally. But again, we'd expect strong resistance from 38.2% retracement of 1.6380 to 1.4830 at 1.5422 to limit upside and bring fall resumption eventually. Meanwhile, below 1.5032 will turn bias back to the downside for retesting 1.4830 support. In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161 and could have completed as a triangle pattern at 1.6380. Focus is now on 1.4229 support and sustained break there should bring long term down trend resumption for a new low below 1.3503. However, strong rebound from 1.4229 will indicate that the whole pattern from 1.3503 is still in progress.  | |
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