Mohammed Isah
09-12-2008, 08:15 AM
GBPUSD: A Turn Off The 1.7471/47 Zone To Trigger Further Strength.
GBPUSD: A follow-through to the upside on Thursday’s higher close off the 1.7447 low was seen in early morning trading today suggesting that a higher close today will open up further upside risk. In such a case, its Jan’06/Sept 08’08 highs at 1.7935/76 will come in as the next upside target ahead of the 1.8090 level, its Jun’06 low. Daily momentum indicators though in oversold territory have turned higher. Having commenced a nearer term recovery, support are now seen at its Sept 05’08 low at 1.7535 and its Sept 08 & 11’08 lows at 1.7471/47 with a sustained break and close below the latter triggering the resumption of its medium term decline which is now temporarily on hold. All in all, although medium term bearish remains intact, nearer term corrective bounce already activated should see further strength.
Support Comments
1.7535 Sept 05’08 high
1.7251 April’06 low
1.7130 Dec’05 low
1.7049 Nov’05 low
Resistance Comments
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: A follow-through to the upside on Thursday’s higher close off the 1.7447 low was seen in early morning trading today suggesting that a higher close today will open up further upside risk. In such a case, its Jan’06/Sept 08’08 highs at 1.7935/76 will come in as the next upside target ahead of the 1.8090 level, its Jun’06 low. Daily momentum indicators though in oversold territory have turned higher. Having commenced a nearer term recovery, support are now seen at its Sept 05’08 low at 1.7535 and its Sept 08 & 11’08 lows at 1.7471/47 with a sustained break and close below the latter triggering the resumption of its medium term decline which is now temporarily on hold. All in all, although medium term bearish remains intact, nearer term corrective bounce already activated should see further strength.
Support Comments
1.7535 Sept 05’08 high
1.7251 April’06 low
1.7130 Dec’05 low
1.7049 Nov’05 low
Resistance Comments
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.