Bulls in GBP/USD Remain Uncertain
09 September 2010
The FX Specialist view -
WEEKLY CHART: The rebound off a 76.4% pullback area has found clear resistance from the 61.8% recovery level. This means that the market has also failed to hold above resistance from the second low that stands out from 2009, the 1.5705 Oct-09 low. The main question now is whether or not bulls have had their day.
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DAILY CHART: The recent slip back from the 61.8% recovery level found temporary support from the 38.2% pullback. The current s/term chart structure suggests that the decline could have an impulsiveness that will see a failure of this support, so any rebound may prove short-lived... Other than deeper retracements we would then also look for possible support from around the prior 1.4780 01-Mar low. |
Philip Allwright
Mark Sturdy
Seven Days Ahead
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