acetraderfx
11-03-2008, 12:52 AM
Updating time : 03/11/2008 00:10 GMT
GBP/USD - 1.6100... Cable rebounded strongly last week to 1.6675 after
trading abv Oct 24 low at 1.5260 (six-year low) on the back of active cross
buying in sterling as risk appetite returned, however, price retreated fm there
to 1.6006 on profit taking ahead of the BOE rate decision this Thursday (the
central bank is expected to cut rates fm 4.50% to 4.00%).
Looking at the bigger picture, cable's retreat fm 1.6675 suggests the
rise fm last month's low at 1.5260 has formed a top n as long as 1.6499/1.6511
res holds, consolidation with downside bias remains for further weakness to
1.5943 n then 1.5801 (61.8% r of 1.5260-1.6675), however, only a firm breach of
1.5400 wud indicate downtrend fm '07 top at 2.1162 has resumed n bring a re-test
of 1.5260 later this month.
A rise back abv 1.6499/1.6511 wud signal aforesaid corrective rise
remains in progress n gain to 1.6675 n then twds 1.6781 (prev. res) wud follow
but reckon 1.6966 (50% r of the MT intermediate decline fm 1.8672-1.5260) wud
limit upside n yield another decline...
GBP/USD - 1.6100... Cable rebounded strongly last week to 1.6675 after
trading abv Oct 24 low at 1.5260 (six-year low) on the back of active cross
buying in sterling as risk appetite returned, however, price retreated fm there
to 1.6006 on profit taking ahead of the BOE rate decision this Thursday (the
central bank is expected to cut rates fm 4.50% to 4.00%).
Looking at the bigger picture, cable's retreat fm 1.6675 suggests the
rise fm last month's low at 1.5260 has formed a top n as long as 1.6499/1.6511
res holds, consolidation with downside bias remains for further weakness to
1.5943 n then 1.5801 (61.8% r of 1.5260-1.6675), however, only a firm breach of
1.5400 wud indicate downtrend fm '07 top at 2.1162 has resumed n bring a re-test
of 1.5260 later this month.
A rise back abv 1.6499/1.6511 wud signal aforesaid corrective rise
remains in progress n gain to 1.6675 n then twds 1.6781 (prev. res) wud follow
but reckon 1.6966 (50% r of the MT intermediate decline fm 1.8672-1.5260) wud
limit upside n yield another decline...