Wednesday September 26, 2007 - 04:00:27 GMT
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Daily Analysis for GBPUSD
||Mixed â€“ waiting for breaks|
||Losses didnâ€™t develop quite as expected yesterday and thus it would be well to wait for breaks. I still tend to prefer the downside but with the Dollar looking quite soft we need be cautious. If we are to see any additional gains then we will require a break above 2.0202-28. If seen it will strengthen the bullish argument and suggest gains towards the 2.0263-84 area â€“ just a little care is advised around here but it would seem to suggest a retest of 2.0318 and possibly back towards 2.0365. Next resistance is at 2.0415. |
||While I would still prefer a more bearish stance I wouldnâ€™t argue with a break back above 2.0263-84 which would renew the test of 2.0318 and probably 2.0365 and 2.0415. (26th September)|
||With the downside breaking down yesterday we need to take this a little more carefully. I would like to prefer the downside still but would like to see it prove itself first. We need a cap around 2.0202-28 and from there a break below 2.0140 would aid the downside to below yesterdayâ€™s low at 2.0083 and probably down to the 1.9980-93 area from where Iâ€™d expect a recovery. Next support is at 1.9943-49 and then 1.9810-30. |
||Losses have been helpful this morning but we still need a move below a potential triangle base at 1.9993-16. Below there would see 1.9830-77. Then Iâ€™ll review again. (25th September)|
ELLIOTT WAVE COMMENTS
The peak at 2.0318 didnâ€™t appear to have any strong relationship and I am therefore taking a small step back to observe. There are a few alternatives but right now there appears to be room for losses to the 1.9993-16 area in a possible triangle.
Below there raises the chance of seeing a wave equality target of the move lower from 2.0365 to 1.9949 and this would rest at 1.9830.
Otherwise it is possible that a triangle is developing with a base at 1.9993-16.
The downside hasnâ€™t developed and raises the risk of a move above 2.0318 in Wave (c) higher.
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