fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: GBP/USD Daily Outlook Fri Nov 08, 2013 10:49 am | |
| GBP/USD Daily Outlook Daily Pivots: (S1) 1.6030; (P) 1.6071; (R1) 1.6134; More... Despite a brief retreat, GBP/USD quickly recovered and intraday bias stays neutral. Overall outlook is unchanged. While the larger rally could extend through 1.6259 resistance, we'd continue to expect strong resistance from 1.6380 to bring reversal eventually. On the downside, break of 1.5903 should now confirm topping and turn near term outlook bearish. 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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