Saturday October 9, 2004 - 14:48:05 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 11th-12th October 2004 Price: 1.7930
1.7950 ... 1.7967 ... 1.7990 ... 1.8030
1.7920 ... 1.7890 ... 1.7865 ... 1.7835
Monday & Tuesday should see price remain below 1.7990 and allow a choppy decline back to the 1.7865-90 area
With break of the 1.7900 level we must now look for further gains. These could well be quite choppy with expectations on Monday & Tuesday for a move higher to the 1.7968-1.7990 area initially but for a corrective move lower from there. Thus only above 1.7990 would imply follow-through to 1.8030-60. Further resistance is seen at the 1.8132 corrective high.
Overall we feel there is more room for losses over Monday & Tuesday although the initial move appears to threaten a marginal new high at 1.7990.From here we would then look for losses to develop down to the 1.7890 level (max 1.7865) before further gains are seen. Further support is found at 1.7810-35.
Elliott Wave Comments:
11th October 2004
Once again we are forced to alter our medium term wave count with the move above 1.7930 suggesting that the decline from 1.8161 to 1.7744 was merely a correction to the rally from 1.7706 to 1.8161. We therefore label these Wave [a] and Wave [b] and suspect this could either imply the first two legs of a triangle or at the most a rally up to the 1.8255 area.
(c) FX-Strategy Inc 2004
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