Sunday July 17, 2005 - 13:27:52 GMT
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ForexL Daily Forecast for the British Pound vs U.S. Dollar 18th July 2005 Price:
Resistance: 1.7537 ... 1.7557 ... 1.7572 ... 1.7615
Support....: 1.7482 ... 1.7444 ... 1.7420 ... 1.7382
Slightly mixed though feel a low is imminent
Losses have been seen to 1.7508 and we feel that we are close to a reversal higher. However, the final low is a little unclear though we see good support at 1.7482 and then again at 1.7420-44 which we feel should hold. For us to consider that the upside has become more likely we shall need to see recovery back above 1.7557-72 and if seen would trigger follow-through higher towards the 1.7645 highs. Further resistance is seen at 1.7680.
Losses seen but have stalled at 1.7508. We are rather cautious on the downside but feel that while there is any downside risk we should expect to see this quite soon - certainly by European trading. Loss of 1.7508 would see 1.7482 at a minimum (and should be observed for signs of reversal) and at the most we'd look for losses to 1.7420-44. Thus, only below this lower support would imply follow-through to 1.7382 and possibly the 1.7308 low.
Elliott Wave Comments:
18th July 2005
The structure of the decline from 1.7786 is a little unclear but we feel that we are close to an intermediate low. We now turn our focus to support areas at 1.7482 and 1.7444 which represent Fibonacci projections lower within the decline and also at 1.7420. With cycles looking to provide a lift we are reluctant to get too bearish but need a little more evidence to get a stronger opinion on the correct wave structure.
(c) FX-Strategy Inc 2005
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