Saturday, March 15, 2008

GBP/USD Daily Outlook

GBP/USD Daily Outlook
Daily Pivots: (S1) 2.0259; (P) 2.0324; (R1) 2.0399; More
Cable retreats mildly after reaching as high as 2.0389 and touching of 2.0281 minor support indicates that an intraday top is in place. Outlook is turned neutral for the moment. The whole rise from 1.9360 has already met mentioned key near term resistance zone of 2.0363/0464. Focus is now on 1.9994 support.
In the bigger picture, the question is whether the current rise from 1.9337 is merely correction to fall from 2.1161, or the start of another set of rallies. The structure of this rally, as well as the reaction to resistance zone of 161.8% projection of 1.9337 to 1.9957 from 1.9360 at 2.0363 and 61.8% retracement of 2.1161 to 1.9337 at 2.0464 are critical.
Right now, with 2.0363/0464 resistance zone still holds, the favored case is still that rise from 1.9337 is merely a correction. Though, break of 1.9994 support is needed to signal the completion of rise from 1.9360 first. However, decisive break of 2.0363/0464 will dampen this view and encourage a retest of 2.1161 high.
Posted by Pip-Machine at 12:34 PM

1 comments:

microsoft-outlook-support said...

Similar to other majors, USD/CHF has room left to retrace the large dollar bear trend that took place from October 2000 to December 2004USD/CHF's fall from 1.0284 is probably still in progress and intraday bias remains mildly on the downside as long as 1.0131 minor resistance holds. But still, note that while further pull back could be seen, another rise is still in favor to test 1.0352 resistance zones as long as 0.9936 supports holds

April 28, 2008 10:29 AM

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