Bull Signal in GBP/USD Now in Place
07 July 2010
The FX Specialist view -
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WEEKLY CHART: The 76.4% pullback has provided good support so far, and the chart structure now suggests that, s/term dips notwithstanding, higher values can be seen.
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DAILY CHART:
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The earlier breach of the 23.6% recovery level followed by recent violations of the bear channel top projection and 1.5125 area have provided a bull signal for us, in the FX Specialist Guide.
S/term dips are now more likely to be temporary ahead of a further bull leg.
Note first support coming from the prior 1.4780 support/resistance. A deeper slip would turn focus on the 1.4500 area.
On the upside, beyond the nearby 38.2% level just above 1.5300, note the stronger resistance at 1.5635/ 1.5705, 50% (a good level in GBP sometimes) and 13-Oct low.
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Philip Allwright
Mark Sturdy
Seven Days Ahead
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