Mohammed Isah
09-09-2008, 08:04 AM
BPUSD: Continued Decline Shifts Focus To 1.7251 Level.
GBPUSD: An unsustained gain Monday saw GBP tumbled lower beginning another week lower and closing the session at 1.7596 after recording a fresh new low of 1.7471.Our medium term downside target lies at the 1.7251 level, its April’06 low with weakness through there setting the stage for further declines towards the 1.7130 level, its Dec’05 low before its Nov’05 low at 1.7067.However, persistent oversold condition and continued declines should support a nearer term corrective bounce argument. If this is seen, its Sept 05’08 high at 1.7744 will be aimed at with a clean break of there clearing the way for a run at its Jan’06/Sept 08’08 highs at 1.7935/76 and then the 1.8090 level, its Jun’06 low. This view remains corrective and GBP should turn lower continuing its broader medium term weakness on ending that recovery. All in all, having weakened persistently, odds of further declines continue to be envisaged with any recoveries at this stage seen as corrective.
Support Comments
1.7251 April’06 low
1.7130 Dec’05 low
1.7049 Nov’05 low
Resistance Comments
1.7744 Sept 05’08 high
1.7935/76 Jan’06 high/Sept 08’08
1.8090 Jun’06 low
1.8176 July 16’06 low
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This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
GBPUSD: An unsustained gain Monday saw GBP tumbled lower beginning another week lower and closing the session at 1.7596 after recording a fresh new low of 1.7471.Our medium term downside target lies at the 1.7251 level, its April’06 low with weakness through there setting the stage for further declines towards the 1.7130 level, its Dec’05 low before its Nov’05 low at 1.7067.However, persistent oversold condition and continued declines should support a nearer term corrective bounce argument. If this is seen, its Sept 05’08 high at 1.7744 will be aimed at with a clean break of there clearing the way for a run at its Jan’06/Sept 08’08 highs at 1.7935/76 and then the 1.8090 level, its Jun’06 low. This view remains corrective and GBP should turn lower continuing its broader medium term weakness on ending that recovery. All in all, having weakened persistently, odds of further declines continue to be envisaged with any recoveries at this stage seen as corrective.
Support Comments
1.7251 April’06 low
1.7130 Dec’05 low
1.7049 Nov’05 low
Resistance Comments
1.7744 Sept 05’08 high
1.7935/76 Jan’06 high/Sept 08’08
1.8090 Jun’06 low
1.8176 July 16’06 low
To receive this technical report and more please visit www.fxtechstrategy.com
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.