76.4% Support in GBP/JPY Still Turning Bears Away
11 November 2010
The FX Specialist view -
WEEKLY CHART See how the downmove in 2010 has continued to fail to hold below the 76.4% level when tested/eroded. We here show the 23.6% recovery level of the 2009/2010 decline, around 135.00. A break through this would provide the first bull sign. Now see Daily chart...
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DAILY CHART: Recent weakness failed to hold below the prior 126.73 May low, with that long term 76.4% level also having a residual supporting influence. Focus has again turned on the bear channel tops near 133.00 currently, now tested. However, more key is the 135.00 area, where the 17-Sep high coincides with the 23.6% recovery level to provide dual resistance - a break above this would provide an initial bull signal here. |
Philip Allwright
Mark Sturdy
Seven Days Ahead
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