Wednesday June 22, 2005 - 00:20:51 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 22nd June 2005 Price:
Resistance: 1.8309 ... 1.8343 ... 1.8385 ... 1.8439
Support....: 1.8254 ... 1.8231 ... 1.8208 ... 1.8190
While 1.8230-50 supports we look for gains to reach 1.8343 at least and probably 1.8385
The 1.8145-66 area did indeed provide a good buying opportunity and we feel that while a pullback to 1.8230-50 is likely the rally should follow-through later in the day towards 1.8347 at least and we suspect to the 1.8370-85 area which we expect to cap price. Only above 1.8401 would signal direct gains to 1.8439.
We feel that current levels should trigger a pullback to the 1.8230-50 area but we feel this could be the limit on the day. Thus only below 1.8230 and then 1.8208 would imply further losses back to 1.8163 at least. Further support found at 1.8116.
Elliott Wave Comments:
22nd June 2005
Yesterday's recovery from 1.8163 appears to have confirmed an expanded flat Wave iv and thus we look for gains in Wave v with potential targets between 1.8343 (61.8% projection) and 1.8385 (76.4% projection) to complete Wave -a- higher and thus should see a pullback in Wave -b-.
(c) FX-Strategy Inc 2005
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