Wednesday February 23, 2005 - 01:21:44 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 23rd February 2005 Price:
Resistance: 1.9132 ... 1.9154 ... 1.9170 ... 1.9213
Support....: 1.9062 ... 1.9033 ... 1.8996 ... 1.8974
While 1.9030-60 holds we feel a move up to 1.9213-20 is still possible
Break was seen of 1.8996 and triggered further strong gains that have stalled at 1.9136 thus far. Although the wave structure is a little ambiguous we feel that while the 1.9030-62 area supports the upside still holds slightly more risk with next resistance at 1.9150-54 and more strongly at 1.9213-20 which should cap if seen. Thus only above 1.9220 would allow price to continue higher with next resistance at 1.9256 and then 1.9302.
With the sharp break higher we need to put any basic bearish view on hold. However, we do see resistance in the 1.9213-20 area and should this be tested we feel it should hold and cause a pullback down below 1.9150-54 again and then to 1.9062-90. Only directly lower than here and below 1.9030 would generate a stronger reversal down to 1.8920-36.
Elliott Wave Comments:
23rd February 2005
Breach of 1.8974 now implies a Wave equality target for Wave (c) at 1.9213-20 but we would then look for a pullback. Theoretically this could decline to as much as 1.8751 but we feel the pivot support around 1.8920-35 would provide a floor for further gains that could reach up to the Double Bottom target around 1.9340-55.
(c) FX-Strategy Inc 2005
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