Monday March 12, 2007 - 05:32:54 GMT
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Daily Analysis for GBPUSDPrice:
Resistance: 1.9360 ... 1.9385 ... 1.9402 ... 1.9440
Support: 1.9310 ... 1.9284 ... 1.9265 ... 1.9229
While 1.9260-85 supports we feel there should be further gains back above 1.9377
The 1.9272 continued to provide support and we have seen the 1.9375 target reached. There appears to be risk of the pullback extending to the 1.9260-85 area but while this holds we see good chance that we shall see a return to the 1.9377 high initially and while this could cause a pullback we will be looking for eventual break. A direct reversal through 1.9377 would extend the upside toward s1.9402 and if this breaks to 1.9460-1.9507.
We continue to cautiously consider the 1.9183 low as a springboard and while 1.9230-60 supports we look for gains above 1.9377 and to 1.9550 at least and probably towards 1.9595-1.9612. (March 12th)
Having seen the 1.9375 target we feel there is risk of a mild pullback. A move below this morningâ€™s 1.9329 low would extend the downside to 1.9284 at least and possibly towards 1.9260-65 (max 1.9229). In this broad area we shall expect a reversal higher. Thus a stronger bearish stance will require a break of 1.9230 and if seen would threaten the 1.9183 low once again with next support at 1.9162 and then 1.9048-72.
We feel there may be little room for losses. Thus only look for a stronger move lower should the 1.9229-65 area break. If seen it would threaten extension lower to 1.9048-72 at least. (March 12th)
ELLIOTT WAVE COMMENTS
Well, the triangle pattern hasnâ€™t really been disproved and we could be looking at an alternative pattern now and initially we want to work with breaks to identify the next move.
We have seen the 1.9375 target reached and this will either be Wave â€“iv- or Wave â€“a-. With cycles rising and the 1.9183 downside target met we suspect that this morningâ€™s high was Wave â€“a- and thus a 50%-61.8% retracement should see the 1.9260-80 area support in Wave â€“b- and trigger gains in Wave â€“c-.
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