NEW!!! British Pound Forex Pro Weekly, September 06-10, 2010

Sive Morten

Special Consultant to the FPA
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12,729
GBP/USD Daily Update, Wed 08, September 2010

Hello everybody,

Yesterday, we've discussed the possibility of estimation of a new Lows on GBP, so, that has happened, but let's look wherer we are now...

Based on daily chart (see attachement), Fib. Confluence support and weekly pivot support 1 around 1.53-1.5350 had held the market. Today, there was an attempt of upper breakout of channel. But it has not happened yet.
Personally, I will be carefully watch for break out - because a lot of stops just above it.
If it will happen, then daily trend will turn bullish and I will be looking for opportunity to Buy the first AB-CD retracement to the downside. The possible target of this move in a case of upper break is about 1.5750
 

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Sive Morten

Special Consultant to the FPA
Messages
12,729
GBP/USD Daily Update, Fri 10, September, 2010

Good morning,

Yesterday market has tried to break parallel channel to the upside, but failed.

On daily chart some patterns, that point on possibility of establishing of a new lows. The only problem with them, is that they are oposite to the EUR/USD one (although it's not confirmed yet). So, the Cable shows the same signal as a EUR - MACD failure, but in contr. direction.
This is a daily chart - look at previous couple of candles (the last one is today, so it also not closed yet and signal is not confirmed yet as on EUR) so, market has tried to change trend to bullish, but failed. Odds suggest that it should lead to previous lows - they should be taken out by the price.
So, I just want to warn you - be carefull of estimation any Long positions on the market right now.
 

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