Monday April 16, 2007 - 04:40:59 GMT
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FX-Strategy - www.fx-strategy.com
Daily Analysis for GBPUSDPrice:
Resistance: 1.9886 ... 1.9912 ... 1.9951 ... 1.9985
Support: 1.9840 ... 1.9810 ... 1.9780 ... 1.9741
Mixed â waiting for breaks
The wave structure is not clear. We do feel there is risk for 1.9912-15 to be tested but wait for a break above the 1.9886 high. Care at 1.9912-15 as this could cap â and if it does then we should also see a bearish divergence. Thus a stronger bullish stance requires breach of 1.9915 and if seen would extend the upside towards 1.9951 and 1.9985 at least. Next resistance is at 2.0016.
We retain our bullish stance and while 1.9670-00 supports this should move to 1.9985 minimum and we suspect 2.0016 and possibly as high as the 2.0078 level which should cap for a larger decline. (April 12th)
We have seen gains to 1.9886 within an unclear wave structure. We tend to favor a small breach for 1.9912-15 but are not too confident there will be any further gains. Support is at 1.9540-50 and if this gives way then the downside becomes favored for a move back through 1.9780 (which could initially cause a small correction) and then down to 1.9723-41 which could again cause a pullback.
We are getting a little more cautious about the upside with risk of the 1.9912-15 capping for a reversal back to the 1.9589 low once again. (April 16th)
ELLIOTT WAVE COMMENTS
We are a little cautious but feel there is risk of a cap being seen at the 38.2% expansion of the 1.9823-1.9589 decline which rests at 1.9912-15. This would imply a second test down to 1.9589 and possibly just below in an expanded flat Wave âiv-.
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