Elliott Wave Bias - GBP/USD

The GBPUSD broke its diamond top last week and the trend is down against 16076.  The rarity and reliability of the diamond pattern makes the break especially bearish.  Given the 3rd of a 3rd count from 16464, the first Fibonacci confluence is not until 14714/62.  The reversal occurring at the 38.2% / Elliott channel resistance strongly favors the idea that the rally is a 4th wave.  15338 is where wave v (if it is a v) would equal wave i.  Favor the downside.

GBP/USD Free Forex Signal, 15 Februar 2010

 

 

Symbol: 

GBPUSD

Forecast High: 

1.5820

Forecast Low: 

1.5505

Entry Sell: 

1.5649

T/P Sell: 

1.5632

T/P Sell: 

1.5602

S/L Sell: 

1.5699

GBP/USD: The 1.5830-1.6000 Levels To Cap Recovery

GBPUSD: Consolidation to corrective price action dominated most of GBP’s activities the past week pushing it a higher close at 1.5697. This is coming on the back of its decline  off its 2009 high at 1.7041. While that continues to be seen, we expect its resistance zone between the 1.5830 and 1.6000 levels(Dec 30’09/psycho level) to contain corrective strength if tested. This should reverse the pair back down in line with its broader medium term downtrend. Further out, overhead resistance is located at the 1.6068 level, its Feb 03’10 high where a reversal of roles is expected. On the downside, strong support lies at its 2010 low at 1.5532 where a clean penetration will activate the resumption of its medium term downtrend towards the 1.5351 level, its May 12’09 high with a turn below there opening up further downside risk towards the 1.5276 level, its .50 Fib Ret(1.3501-1.7041 rally) ahead of its May 10’09 low at 1.5057.

Weekly Chart: GBPUSD

GBP/USD - Long Term Forex Market Analysis

After breaking below 1.6708 support, GBPUSD traded in a narrow range for several days. Deeper decline is still in favor after consolidation and next target would be at 1.5200-1.5300 area. Resistance are at 1.5780 and 1.5950. Key resistance is now at the falling trend line from 1.6875 to 1.6456, only a clear break above the trend line resistance could indicate that the fall from 1.6875 has completed.

For long term analysis, GBPUSD is in bearish movement from 1.7042. Move to 1.5000 area is expected in next several weeks.

EUR/USD - USD/JPY - GBP/USD

GBP/USD Free Forex Signal

 

Symbol: 

GBPUSD

Forecast High: 

1.5814

Forecast Low: 

1.5504

Entry Sell: 

1.5648

T/P Sell: 

1.5626

T/P Sell: 

1.5607

T/P Sell: 

1.5603

S/L Sell: 

1.5698

INTRA-DAY GBP/USD

Range Forecast
1.5690 / 1.5718

Resistance/Support
R: 1.5718/1.5749/1.5766
S: 1.5663/1.5620/1.5586

GBP/USD Free Forex Signal

 

 Symbol: 

GBPUSD

Forecast High: 

1.5836

Forecast Low: 

1.5448

Entry Buy: 

1.5670

T/P Buy: 

1.5689

T/P Buy: 

1.5716

S/L Buy: 

1.5620

INTRA-DAY GBP/USD

Range Forecast
1.5635 / 1.5661

Resistance/Support
R: 1.5661/1.5695/1.5728
S: 1.5572/1.5562/1.5535

Momentum Holds U.S. Dollar While Sterling Looks To Recover

Fundamental Treasury Secretary Timothy F. Geithner said the U.S. is in no danger of losing its Aaa debt rating even though the Obama administration has predicted a $1.6 trillion budget deficit in 2010. “Absolutely not,” Geithner said, when asked in an ABC News interview broadcast yesterday whether a downgrade is a concern. “That will never happen to this country.” Geithner said investors around the world turn to U.S. Treasury securities and dollar-denominated assets whenever they are worried

GBP/USD - Technical Analysis

The bullish correction in the pair may have left the price oversold on the 4-hour chart.
A bearish cross has formed on the Slow Stochastic Oscillator, indicating the potential for the price to move lower in the near term. Also the 7-day RSI has moved into the oversold region, forming what looks to be one top in a double top pattern. Traders may want to wait for the RSI line to break below the 70 level to go short. This could be a good opportunity for traders to get back into the market with the long term downward trend.

GBP/USD 1.5651 - 10 February 2010

GBP/USD Open 1.5690 High 1.5732 Low 1.5561 Close 1.5718

Pound/Dollar is trading mostly upwards this week, as seen on the 15 minute chart, making a significant climb on Tuesday to the 1.5732 top, closing the day at 1.5718. Although today started with slight decrease for the Cable, we may see further pressure on the Dollar later, especially if the above top and nearest resistance level is broken upwards. On the 1 hour chart the downward channel still remains intact. Only persuasive break bellow yesterday's bottom and nearest support at 1.5561 will return the Sterling back on the descending track, with next targets towards 1.5445. The upcoming UK economic data around 9:00 GMT may bring further catalysis to the market. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, suggesting intraday bearish and short term bullish perspective. The value of RSI indicator is rising, while MACD and CCI are calm, leaning downwards on the 1 hour chart, giving overall mixed signals.

Technical resistance levels: 1.5732 1.5822 1.5919
Technical support levels: 1.5561 1.5445 1.5334

Trading range: 1.5640 - 1.5715
Trend: Upward
Buy at 1.5651 SL 1.5621 TP 1.5701

GBP/USD Free Forex Signal

 

Symbol: 

GBPUSD

Forecast High: 

1.5858

Forecast Low: 

1.5488

Entry Buy: 

1.5723

T/P Buy: 

1.5789

S/L Buy: 

1.5673

INTRA-DAY GBP/USD

Range Forecast
1.5670 / 1.5705

Resistance/Support
R: 1.5728/1.5749/1.5776
S: 1.5660/1.5617/1.5585

GBP/USD Free Forex Signal

Currency Pair: 

GBPUSD

Forecast High: 

1.5713

Forecast Low: 

1.5467

Entry Buy: 

1.5614

T/P Buy: 

1.5638

T/P Buy: 

1.5667

S/L Buy: 

1.5564