Wednesday May 26, 2004 - 00:23:51 GMT
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FX-Strategy - www.fx-strategy.com
Forecast for GBPUSD for May 26th 2004Price: 1.8135
Resistance: 1.8145 ... 1.8165 ... 1.8195 ... 1.8215
Support....: 1.8085 ... 1.8060 ... 1.8045 ... 1.8020
Strong gains have been seen to 1.8145 and we look for further strength. Support is at 1.8045 at the most and we feel there is a chance that 1.8060-80 can hold to generate the next leg higher to the 1.8195-1.8215 target area. Caution advised at this higher area since we feel this can cause a temporary pullback. Further resistance is at 1.8260-90.
The break above 1.8055-85 is bullish and we feel that this area should now provide support for any earlier correction. Thus only below 1.8045 causes us to review the structure and implies a move back to 1.7970 and 1.7935.
Elliott Wave Comment:
The rally above 1.8085 has forced us to review the wave structure and now see the move from 1.9140 down to 1.7450 as a complete three wave move. This should imply a period of sideways to higher corrective price activity. The target for Wave [iii] in this rally is around 1.8215 or possibly as high as 1.8290 which should cause a pullback in Wave [iv]
(c) FX-Strategy Inc 2004
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