Tuesday May 17, 2005 - 01:10:58 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 17th May 2005 Price:
Resistance: 1.8392 ... 1.8410 ... 1.8440 ... 1.8468
Support....: 1.8330 ... 1.8309 ... 1.8280 ... 1.8230
While 1.8470-1.8507 holds we still feel there is room for losses to reach the 1.8202 area
Loss of 1.8476 has caused further strong losses and leaves us a little mixed in the short term while overall we do expect losses. The question is how far any recovery from yesterday's 1.8331 low can reach. Certainly, before we can get bullish we shall require a move back above 1.8392 and only then would we look for follow-through to 1.8440 at least with further resistance at 1.8468 and 1.8507.
Loss of 1.8476-80 provoked losses all the way to the upper end of the 1.8309-30 area advised yesterday. Overall we feel further losses should be seen but are uncertain of how far we can expect the current pullback to move. Thus only a break below 1.8330 would trigger continued losses down to 1.8280 and probably down to the 1.8202 area which we feel should allow a deeper pullback.
Elliott Wave Comments:
17th May 2005
With the losses continuing yesterday we have begun to favor the wave count displayed which see a 261.8% projection of Wave [i] at 1.8202 while Wave [c] would see the same area with a rather unusual 223.6% projection of Wave [a].
(c) FX-Strategy Inc 2005
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