Mohammed Isah
09-18-2008, 08:06 AM
GBPUSD: Clears The 1.8123 Level, Challenges Higher Prices.
GBPUSD: After turning sharply higher (1.8244) and closing at 1.8140 to reverse its two days of weakness off the 1.8123 level Wednesday, GBP built on those gains in early trading today pushing to as high as 1.8273.As the resumption of its nearer term recovery off the 1.7447 level has started, resistance levels running between the 1.8177 level, its July 16’06 low and the 1.8482/1.8518 zone, its .382 Ret(2.0157-1.7447 decline) are being targeted with a close above those levels creating scope for further upside prices aiming at the 1.8795/1.8802, its Aug 21’08 high/ .50Ret(2.0157-1.7447 decline).Momentum indicators on the daily time frame continue to suggest that the recovery has more upside to go as they are still pointing higher. Pullbacks should aim at its just eroded resistance turned support at 1.8123 where a break will weaken the present momentum and bring downside losses towards its Jun’06 low at 1.8091 followed by 1 .7976 level, its Sept 08’08 high. All in all, having resumed its nearer term recovery, GBP is now expected to head further higher though its medium term downtrend remains intact.
Support Comments
1.8123 Sept 15’08 high
1.8090 Jun’06 low
1.7976 Sept 08’08 high
1.7766 Sept 15’08 low
Resistance Comments
1.8176 July 16’06 low
1.8482/1.8518 .382 Ret (2.0157-1.7447 decline)
1.8795/1.8802 Aug 21’08 high/.50 Ret (2.0157-1.7447 decline).
To receive this technical report and more please www.fxtechstrategy.com (http://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.
GBPUSD: After turning sharply higher (1.8244) and closing at 1.8140 to reverse its two days of weakness off the 1.8123 level Wednesday, GBP built on those gains in early trading today pushing to as high as 1.8273.As the resumption of its nearer term recovery off the 1.7447 level has started, resistance levels running between the 1.8177 level, its July 16’06 low and the 1.8482/1.8518 zone, its .382 Ret(2.0157-1.7447 decline) are being targeted with a close above those levels creating scope for further upside prices aiming at the 1.8795/1.8802, its Aug 21’08 high/ .50Ret(2.0157-1.7447 decline).Momentum indicators on the daily time frame continue to suggest that the recovery has more upside to go as they are still pointing higher. Pullbacks should aim at its just eroded resistance turned support at 1.8123 where a break will weaken the present momentum and bring downside losses towards its Jun’06 low at 1.8091 followed by 1 .7976 level, its Sept 08’08 high. All in all, having resumed its nearer term recovery, GBP is now expected to head further higher though its medium term downtrend remains intact.
Support Comments
1.8123 Sept 15’08 high
1.8090 Jun’06 low
1.7976 Sept 08’08 high
1.7766 Sept 15’08 low
Resistance Comments
1.8176 July 16’06 low
1.8482/1.8518 .382 Ret (2.0157-1.7447 decline)
1.8795/1.8802 Aug 21’08 high/.50 Ret (2.0157-1.7447 decline).
To receive this technical report and more please www.fxtechstrategy.com (http://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.