Thursday June 23, 2005 - 00:36:20 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 23rd June 2005 Price:
Resistance: 1.8235 ... 1.8271 ... 1.8297 ... 1.8330
Support....: 1.8190 ... 1.8164 ... 1.8124 ... 1.8076
While 1.8160-76 supports we cautiously look for further gains
Yesterday's rally stalled a little lower than expected but while the 1.8160-76 area supports we feel the emphasis is still higher. It would be better to wait for a break above 1.8235 then 1.8271 and if seen would allow a move to 1.8297 at least and probably back above 1.8330. Further resistance seen at 1.8398.
Although the rally ended a little lower than expected we feel the correction may well be complete. For this to extend lower we need the 1.8235-71 area to cap and for a break of 1.8160 which would then imply losses down to 1.8076 at least. Any loss here would be bearish for below 1.7997.
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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