Daily Pivots: (S1) 1.5077; (P) 1.5122; (R1) 1.5201; More...
GBP/USD's break of 1.5221 suggests that rebound from 1.4813 has resumed. Intraday bias is back on the upside and stronger rise could be seen to 61.8% retracement of 1.5751 to 1.4813 at 1.5393 and above. But we'd expect strong resistance below 1.5751 to complete the rebound. Overall, we'd expect fall from 1.6380 to resume later. Below 1.5027 minor support will turn bias back to the downside for retesting 1.4813 first.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161 and could have completed as a triangle pattern at 1.6380. We're still preferring this view for the moment. Focus is on 1.4229 support and sustained break there should bring long term down trend resumption for a new low below 1.3503. However, strong rebound from or above 1.4229 will indicate that the whole pattern from 1.3503 is still in progress.
IMOH, Clement I.
+234 802 905 9344
+234 703 569 1707
No comments:
Post a Comment