Tuesday July 17, 2007 - 03:15:25 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Daily Analysis for GBPUSDPrice:
Resistance: 2.0380 ... 2.0404 ... 2.0446 ... 1.0466
Support: 2.0348 ... 2.0318 ... 2.0302 ... 2.0282
I suspect the 2.0380-04 level should hold for a pullback towards 2.0236-58
In fact we saw price rally all the way to the 2.0404 resistance which has held. I suspect that is it for now and we shall have to wait for better buying opportunities. Thus a stronger bullish stance will require a clean break above 2.0405 and only if seen would I then look for gains through to 2.0466 and possibly 2.0505. Care this area may hold for a pullback. Only above extends directly to the higher end target at 2.0569.
Progress has been made and I think we are really close to a major higher. The 2.0200-40 area must support for a final push to 2.0505 and quite probably 2.0569. (July 17th)
The test of 2.0404 capped and this does suggest a return lower within a correction. We should now see the 2.0380 level cap (max 2.0404) with a break below this morningâ€™s low at 2.0348 triggering follow-through to 2.0302 at least. Take care this may well force a pullback. Next support is at 2.0282 which, if seen directly (without a correction from 2.0302) should provide that correction before a final move down to the 2.0236-58 area which should be the base. Also note support at 2.0210.
While 2.0174-2.0211 supports the minimum target remains at 2.0505 and at most 2.0569. This broad resistance area should provide a good selling opportunity for a larger decline. (July 16th)
ELLIOTT WAVE COMMENTS
The last few days have made the wave structure a little unclear but I still favor the 2.0365-89 area as the peak in Wave (a) of Wave (v) and this should therefore cause a 50%-61.8% pullback in Wave (b) towards 2.0174-2.0211. I shall need to fine-tune this but overall the upside target for the larger rally remains at 2.0505 minimum and possibly the 2.0569 level where Wave (C) will equal Wave (A).
The 2.0402 peak represented a small 38.2% expansion within an expanded flat Wave (b) and thus we should see Wave efc move back down to the Wave efa level at 2.0258 and possibly just below to the 41.4% pullback in Wave (b) at 2.0236. Also note the 50% pullback at 2.0210. From this low look for the final leg higher to 2.0505 & probably 2.0569.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."