2011-Aug-30 07-59 (GMT+02:00) Athens
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GBPUSD Forecast
The GBPUSD attempted to push higher yesterday, topped at 1.6453 but
close lower at 1.6397. As long as price moves inside the bullish
channel my bullish scenario remains intact, but need a clear break and
daily close above 1.6420 to continue the bullish scenario testing
1.6615. Immediate support is seen around 1.6350/20 area and the lower
line of the bullish channel. A clear break below the bullish channel
could create another threat to the current bullish outlook testing
1.6250/00 area.... |
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2011-Aug-29 16-15 (GMT+02:00) Athens
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$GBPUSD- still higher
Currently @ 1.6405. The cross has made a valiant effort to
head higher and currently shows a rectangle pattern which is
bullish. The target is the 1.6450 and the R4 ( 1.6442) If
we have broken out of the trend wall expect a move towards the
1.6500. The trendline may be tough to break on the
first pass since it is also the .382 Fibo then here is strong
resistance there as well. |
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2011-Aug-29 07-28 (GMT+02:00) Athens
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The British pound reversed
its gains and closed lower. Is this the beginning of a long term move?
The upcoming week consists of important PMI figures, among other data.
Here is an outlook for this week’s events, and an updated
technical analysis for GBP/USD.
The “safe haven” status that the pound managed to gain is
fading away. With confirmed weak growth and a drop in consumer
activity, the pound lost ground. A lot depends now on US QE, which is
supposedly off the table, although there are doubts.
GBP/USD daily chart with support and resistance lines marked. Click to enlarge:
I remain bearish on GBP/USD.
The British economy remains quite fragile, with consumers still
hesitant. The slow growth and the looming option of QE2 in the UK will
likely weigh on the pound. |
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