Monday September 17, 2007 - 02:56:27 GMT
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Daily Analysis for GBPUSD
||While 2.0035-46 supports there is still risk of a return to 2.0160-65 and higher|
||Losses were seen as expected and these even surpassed the 2.0111 target but have stalled this morning at the 2.0035-46 support area. Indeed, while there is any chance of the upside resuming we need this support to hold. Back above 2.0085 will assist and then we need take this in steps to 2.0109, 2.0135 which should then lead us to the 2.0160-65 resistance which I suspect will hold on first test. Next resistance is at 2.0200-25.|
||The upside has progressed and there does seen potential now for a move closer to 2.0415 and 2.0461. However, I suspect by then weâ€™ll see momentum beginning to fail. (10th September)|
||We have seen losses to the maximum downside and I feel the 2.0035-46 area is crucial. Thus if there are to be further losses then we need a break below 2.0030-35 and if seen it would trigger additional losses down to 1.9998 at least where we need to be aware of a possible correction. Only below extends to 1.9923-35. |
||We are still seeing the move higher but I suspect this section is complete. However, to generate stronger losses we need a move below 2.0102 and then 2.0041. If seen look for much lower. (12th September)|
ELLIOTT WAVE COMMENTS
We have seen Wave a to 2.0233 with a deep Wave b back to 2.0344. There is a 161.8% projection in Wave c at 2.0130 and a 176.4% projection at 2.0111.
Within the decline from 2.0344 we appear to have seen Wave iii at 2.0168 and thus after Wave iv we should see losses that would appear to favor a test of the lower 2.0111 target.
I suspect we have seen Wave â€“x- at 2.0046 (max 2.0035 being a small wave equality target.) While this holds we can still see one last ABC pattern higher. A break below 2.0035 therefore implies deeper losses that should eventually reach the 1.9649 low again.
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