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Wednesday May 19, 2010 - 06:15:08 GMT
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ImperialFXonline: Technical Analysis Report - GBP/USDExtended decline from 1.5055 to form minor low soon
www.imperialFXonline.comSterling fell sharply below the May 7 low of 1.4476 (the minor correction from there ended at 1.5055) and the 5-wave selloff which commenced at 1.5524 is still unfolding with the final 5th wave of this move from 1.5055 likely to extend to the region of 1.4111-1.4180 after another support at 1.5252 was breached yesterday, however, with the daily and weekly oscillators showing oversold readings, the 1.4000 level may hold on first testing and result in a moderate corrective bounce later.On the upside, above the region of 1.4476-1.4520 would alleviate some of the downward pressure but a sustained move back above 1.4720 (previous support) is needed to provide a stronger signal of a temporary low formation and lead to an upward retracement to 1.4900 ahead of a test of the pivotal resistance at 1.5055.Sterlingâ€™s impulsive fall from the 2007 top of 2.1161 formed a low last year at 1.3504 which looks like the end of the wave 3 down and the correction from there suggests prolonged consolidation is in store for cable, with the A-leg of wave 4 possibly terminating at 1.7043 and the current decline is the B-leg (complex double-three). This B-leg is composed of the first a-b-c ending at 1.5708 and x was capped at 1.6878, hence, the terminus of the 2nd a-leg and 2nd b-leg are 1.5833 and 1.6458 respectively. The 2nd c-leg remains in progress with the 3rd and 4th waves of this move ending at 1.4784 and 1.5524 respectively. The 5th wave from 1.5524 needs to close below the 1.4000 level to give cable a more bearish outlook and see an eventual re-test of 1.3504, this alternate count would label the rise from 1.3504 to 1.7043 as the completed wave 4.Join Us and Strategize Your FX Trading!www.imperialFXonline.comDisclaimer: Imperial
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