fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: GBP/USD Daily Outlook Tue Apr 09, 2013 10:57 am | |
| GBP/USD Daily Outlook Daily Pivots: (S1) 1.5211; (P) 1.5280; (R1) 1.5323; More... With 4 hours MACD crossed below signal line, intraday bias in GBP/USD is turned neutral first. As noted before, rebound from 1.4830 is viewed as a correction only. In case of another rise, we'd expect strong resistance from 38.2% retracement of 1.6380 to 1.4830 at 1.5422 to limit upside and bring reversal. Below 1.5198 minor support will turn bias back to the downside first. Break of 1.5032 will bring retest of 1.4830 low. However, sustained trading above 1.5422 will open up the prospect for even strong rally to 61.8% retracement at 1.5788. 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 or above 1.4229 will indicate that the whole pattern from 1.3503 is still in progress. | |
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